“互换通”上线两周年运行平稳 交易量稳定增长

Core Viewpoint - The "Swap Connect" mechanism has successfully operated for two years, providing a convenient tool for foreign investors to manage interest rate risks, enhancing the value of RMB assets and promoting the internationalization of China's bond market [1][3]. Group 1: Market Performance - The "Northbound Swap Connect" was launched to facilitate transactions between foreign investors and mainland financial institutions, with significant initial participation [2]. - On the first day of operation, 20 quote providers and 27 foreign investors executed 162 RMB interest rate swap transactions, totaling a nominal principal of 8.259 billion RMB [2]. - In 2024, the total number of transactions reached 6,328, with a nominal principal of 36,595.99 billion RMB, and 74 foreign investors participated [2]. - As of March 2025, there were 2,636 transactions with a nominal principal of approximately 14,124.16 billion RMB, involving 79 foreign investors [2]. Group 2: Investor Diversity - The number of foreign investors participating in "Swap Connect" has been steadily increasing, with a diverse geographical distribution including investors from Hong Kong, Singapore, the Middle East, and South Korea [2][3]. Group 3: Mechanism Optimization - The "Swap Connect" mechanism has undergone continuous optimization, with significant enhancements made in May 2024, including the introduction of new product types and improved functionalities [4]. - The Hong Kong Stock Exchange announced that starting January 13, 2025, offshore investors can use onshore government bonds and policy financial bonds as collateral for "Northbound Swap Connect" transactions, increasing flexibility and efficiency [4]. Group 4: Future Outlook - The Chinese bond market, being the second largest globally, is expected to attract more foreign capital due to its vast investment opportunities and inclusion in major international bond indices [5]. - Factors such as stable economic growth, ongoing market opening, and improved access for foreign institutions are enhancing the international appeal of the Chinese bond market [5].