“互换通”三季度清算量显著增长 LPR利率互换合约丰富产品体系

Core Insights - The "Swap Connect" business continues to show robust growth, with clearing volume achieving both year-on-year and quarter-on-quarter increases [1] - The People's Bank of China has announced plans to expand the quote provider team for "Swap Connect" and optimize management mechanisms, enhancing daily trading limits to support further business development [2] Group 1: Business Performance - In Q3 2025, the cumulative clearing amount for "Swap Connect" reached 1.41 trillion yuan, representing a 22.6% increase from the previous quarter and a 45.7% increase year-on-year [1] - Since its launch in May 2023, the total clearing scale of the business has reached 8.58 trillion yuan [1] - The number of participating institutions has expanded to 103 financial institutions across 15 countries and regions globally [1] Group 2: Product Development - A new interest rate swap contract based on the one-year Loan Prime Rate (LPR1Y) was launched during the quarter, aimed at addressing the interest rate risk management needs of foreign investors in the RMB loan business [1] - The initial response to the new contract has been positive, with active participation from both domestic and foreign institutions [1] Group 3: Market Structure - The FR007 variety remains dominant in trading, but there is a growing diversification in investors' term choices, with increased allocation to medium- and long-term products [1] - The market-making structure remains stable, with domestic institutions continuing to play a major role, while some brokerages and foreign institutions have also seen growth in their business volume [1] Group 4: Risk Management - Despite increased market volatility in Q3, "Swap Connect" has maintained stable operations through the Central Counterparty (CCP) mechanism, with risk resource utilization remaining within a safe range [1]