金融市场开放再进一步 “互换通”6个月后启动

Group 1 - The core viewpoint of the news is the launch of the "Swap Connect," which will facilitate the interconnection of the interest rate swap markets between Hong Kong and mainland China, marking a significant step in the opening of the domestic interbank interest rate derivatives market [1][2][5] - The "Swap Connect" will start in six months, initially opening the "Northbound" channel, with plans to explore the "Southbound" channel in the future [2][4] - The initiative aims to meet the demand for interest rate risk management from investors and enhance international investors' participation in the mainland bond market [2][3] Group 2 - The "Swap Connect" is designed to connect domestic and foreign investors through infrastructure in Hong Kong and mainland China, allowing participation in both financial derivatives markets [2][4] - The initial trading products under the "Swap Connect" will be interest rate swap products, with other varieties to be opened based on market conditions [4] - The transaction volume of RMB interest rate swaps has been steadily increasing, with a total transaction volume of 21.1 trillion yuan in 2021, indicating a robust development of the market [4] Group 3 - The launch of the "Swap Connect" is seen as a significant event in the deepening financial cooperation between Hong Kong and mainland China, following previous initiatives like "Bond Connect" [5][6] - The People's Bank of China supports the construction and development of Hong Kong as an international financial center, viewing it as a crucial window for the opening of the mainland financial market [5][6] - The initiative is expected to enhance the quality of the financial derivatives market and promote the internationalization of the RMB [3][5]