中国人民银行：丰富“互换通”产品类型 促进中国金融市场高水平对外开放

Core Insights - The "Swap Connect" initiative between mainland China and Hong Kong was officially launched on May 15, 2023, to enhance the financial market's openness and facilitate cross-border RMB interest rate risk management [1] - Since its launch, the trading volume of the "Swap Connect" has been steadily increasing, with over 12,000 RMB interest rate swap transactions completed by 20 domestic quoting firms and 79 overseas investors, totaling a nominal principal amount of approximately 6.5 trillion RMB by the end of April 2025 [1] - Future enhancements to the "Swap Connect" will include extending the contract duration to 30 years and introducing interest rate swap contracts based on the Loan Prime Rate (LPR), aimed at meeting diverse risk management needs of market participants [1] Summary by Categories Market Development - The "Swap Connect" is part of a broader strategy to promote the high-level opening of China's financial market and support the internationalization of the RMB [1] - The initiative aims to improve the willingness of overseas investors to allocate RMB assets by providing more convenient tools for managing RMB interest rate risks [1] Product Innovation - Upcoming optimizations will introduce new product types, including longer-term contracts and swaps referencing the LPR, to cater to the evolving needs of market institutions [1] - Financial market infrastructure institutions in both regions will gradually implement these enhancements [1] Regulatory Collaboration - The People's Bank of China, the Hong Kong Securities and Futures Commission, and the Hong Kong Monetary Authority are collaborating to refine the "Swap Connect" framework based on operational experiences and feedback from domestic and international investors [1]