二季度“互换通”运行稳健

Core Insights - The "Swap Connect" has become a crucial channel for foreign investors to participate in the domestic interest rate derivatives market and manage RMB asset interest rate risks since its launch in May 2023 [1][2] Group 1: Market Performance - In Q2 2025, "Swap Connect" cleared 1.15 trillion yuan, a year-on-year increase of 26.37%, accounting for 11.65% of the total clearing volume in the interbank interest rate swap market [1][2] - Cumulative clearing volume since the launch of "Swap Connect" reached 7.16 trillion yuan, indicating sustained demand from foreign investors for managing RMB asset interest rate risks [1][2] Group 2: Investor Participation - The "Swap Connect" business has effectively met the cross-border asset allocation needs of foreign investors, enhancing the correlation between onshore and offshore prices of the 5-year FR007 interest rate swap from 95% to 99% [2] - The number of foreign institutions participating in the "Swap Connect" has increased to 82, with foreign investors holding 4.23 trillion yuan in Chinese bonds as of June 2025, a significant increase of 1.04 trillion yuan since May 2023 [2] Group 3: Risk Management and Infrastructure - The development of "Swap Connect" is closely linked to the strengthening of cross-border risk monitoring capabilities, with risk resource usage remaining within a reasonable range and a robust risk resource pool [3] - The introduction of a 30-year interest rate swap contract under "Northbound Swap Connect" on June 30, 2025, addresses the urgent need for long-term interest rate risk management tools for foreign investors [3] Group 4: Future Outlook - The continuous improvement of the "Swap Connect" business is expected to enhance the international appeal of RMB assets and signify a higher level of openness in China's financial market [4] - Future expansions of LPR interest rate swap contracts will enrich the product offerings available to foreign investors, catering to various interest rate risk management needs [5]