“互换通”运行机制持续优化进一步提升互换通市场活力

Core Viewpoint - The optimization of the "Swap Connect" mechanism aims to enhance market vitality and better meet the demand of foreign investors for managing RMB interest rate risks [1][2]. Group 1: Mechanism Optimization - The establishment of a dynamic adjustment mechanism for "Swap Connect" quote providers and the expansion of the quote provider team will lead to more diversified financial institutions offering competitive quotes, improving pricing efficiency and fairness [1]. - The daily net limit will be raised to 45 billion RMB starting from October 13, 2025, directly addressing the growing demand from foreign investors for RMB interest rate risk hedging [1][2]. Group 2: Market Impact - The Hong Kong Stock Exchange stated that the increase in the daily net limit not only expands the participation space for foreign investors in the RMB interest rate swap market but also enhances market liquidity and continues to promote the internationalization of China's domestic financial market [2]. - Since its launch on May 15, 2023, "Swap Connect" has become an important channel for foreign institutional investors to manage RMB interest rate risks, with over 15 countries and regions participating and completing more than 15,000 transactions totaling a nominal principal of 8.15 trillion RMB by the end of August 2025 [2]. Group 3: Future Outlook - There is significant potential for "Swap Connect" to expand its product range, continuously optimize mechanisms and processes, and strengthen risk prevention and regulatory cooperation in the future [3].