互换通2周年成交暴增7倍！央行放大招再扩期限至30年

Core Insights - The "Swap Connect" has seen significant growth in trading volume, with daily transaction amounts increasing from approximately 3 billion RMB to over 22 billion RMB, marking a nearly sevenfold increase since its launch [1] - As of April 2025, 20 domestic quoting institutions and 79 foreign investors have participated, with over 12,000 transactions totaling a nominal principal amount of about 6.5 trillion RMB [1] - The People's Bank of China (PBOC) has introduced further optimization measures, including extending the interest rate swap contract duration to 30 years and expanding the product range to include swaps based on loan market quoted interest rates [1][2] Group 1 - The "Swap Connect" was officially launched on May 15, 2023, providing an efficient tool for managing RMB interest rate risks for domestic and foreign investors [1] - The extension of the interest rate swap contract duration is significant, as previous contracts rarely exceeded 5 years, aligning with the active trading characteristics of 10-year and 30-year government bonds [1] - The optimization measures are expected to enhance liquidity in the market and attract more institutions to participate, catering to diverse trading strategies of foreign investors [1] Group 2 - Previous optimization measures were implemented in May 2024, which included contract compression services and the introduction of swaps with international currency market settlement dates [2] - The ongoing optimization of the "Swap Connect" mechanism is anticipated to promote collaborative development between the financial derivative markets of mainland China and Hong Kong, reinforcing Hong Kong's position as a preferred offshore RMB market for international investors [2] - The PBOC aims to continuously improve related mechanisms to steadily advance the opening of China's financial markets and support the prosperity of Hong Kong as an international financial center [2]