“北向互换通”，上新！

Core Insights - The "Northbound Swap Connect" has been expanded to include interest rate swap contracts referencing the one-year Loan Prime Rate (LPR1Y), enhancing risk management tools for overseas investors [1][2] - The initiative aims to facilitate the internationalization of the Renminbi by providing a more efficient and secure channel for domestic and foreign investors to participate in financial derivatives markets [1] Group 1 - On September 22, 31 domestic and foreign institutions participated in the new interest rate swap contracts, with a total trading volume of 64.6 billion RMB [1] - The "Swap Connect" has been operational since May 15, 2023, and has become a significant channel for foreign institutions to manage Renminbi interest rate risks, with over 15 countries and regions involved [2] - As of August 2025, 82 foreign financial institutions have completed more than 15,000 Renminbi interest rate swap transactions, totaling approximately 8.15 trillion RMB in nominal principal [2] Group 2 - The Hong Kong Stock Exchange plans to continue collaborating with market participants to enrich "Swap Connect" products and improve risk management frameworks [2] - Starting September 22, the maximum term for existing Renminbi non-deliverable interest rate swap contracts has been extended from 5.5 years to 11 years to better assist foreign investors in managing interest rate risks [2]