“互换通”今日起每日净限额提高至450亿元

Core Insights - The "Swap Connect" mechanism is being optimized to enhance the interconnectivity of the interest rate swap market between mainland China and Hong Kong, which is expected to attract more international capital and improve market liquidity [1][2]. Summary by Sections Mechanism Optimization - The daily net limit for the "Swap Connect" will be increased from 20 billion to 45 billion yuan starting October 13, 2025, allowing for greater participation from foreign investors and better management of interest rate volatility risks [1]. - A dynamic assessment mechanism for the daily net limit will be implemented to adjust quota allocations based on market supply and demand, preventing trading interruptions due to insufficient quotas [1][3]. Market Participation and Growth - Since its launch on May 15, 2023, the "Swap Connect" has seen a steady increase in transaction volume and the number of participating investors, with 82 foreign investors from 15 countries and regions engaging in over 15,000 transactions totaling a nominal principal of 8.15 trillion yuan by August 2025 [2]. Pricing and Efficiency Improvements - The establishment of a dynamic adjustment mechanism for market makers will enhance pricing efficiency by introducing more financial institutions capable of market-making, thereby reducing the market influence of any single institution and narrowing bid-ask spreads [3]. - Future optimization directions include expanding product types to introduce more interest rate derivatives, improving cross-border collaboration efficiency, and refining market maker evaluation standards [3][4].