增660%！互换通5月成交额达3800亿元

Core Viewpoint - The Swap Connect has shown significant growth since its launch in May 2023, with monthly transaction volumes increasing from 50 billion RMB to 380 billion RMB by May 2025, reflecting a 660% growth and indicating strong demand from international investors for this investment channel [1][3]. Group 1: Transaction Growth - The Swap Connect officially launched on May 15, 2023, with only 22 offshore investors participating and a transaction volume of 50 billion RMB in its first month [2]. - By the first quarter of 2025, the number of offshore investors participating in the Swap Connect exceeded 80, with a monthly transaction volume reaching 380 billion RMB, significantly surpassing initial expectations [3]. - As of May 2025, the transaction volume of the Swap Connect accounted for approximately 8% of China's onshore interest rate swap market [4]. Group 2: Market Infrastructure and Optimization - Since its launch, the Swap Connect has undergone continuous optimization, including the expansion of eligible collateral and the extension of the maximum remaining term for interest rate swap contracts from 10 years to 30 years [6]. - The Swap Connect is seen as a breakthrough for offshore derivative markets, providing effective hedging tools for long-term investors and enhancing market price discovery [7]. - Future plans include expanding product types to include interest rate swap contracts based on the one-year Loan Prime Rate (LPR), aimed at providing better benchmarks for offshore investors [7]. Group 3: Risk Management and Investor Participation - The Swap Connect has become the preferred interest rate risk hedging tool for offshore investment institutions, with some investors shifting from the NDIRS market to the Swap Connect market [8]. - The narrowing of the NDD spread and improved market depth for RMB interest rate swaps are expected to attract more offshore investors to the Swap Connect, enhancing the market's activity and maturity [8]. - The collaboration between the Northbound Swap Connect and Shanghai Clearing House facilitates centralized clearing services, mitigating counterparty credit risks and promoting rapid transaction volume growth [8]. Group 4: Future Demand and Recommendations - As international investor interest in RMB interest rate swaps grows, there is an increasing demand for enhanced infrastructure and product offerings within the Swap Connect [9]. - Recommendations include expanding transaction limits and diversifying product types to meet the rising needs of offshore investors, as well as optimizing contract compression services and removing single transaction volume limits [9].