增660%！互换通成交额达3800亿元

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) highlights the significant growth and optimization of the Swap Connect since its launch in May 2023, with monthly transaction volumes increasing from 50 billion RMB to 380 billion RMB by May 2025, representing a 660% growth [1][2]. Group 1: Trading Scale and 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 the first month [2]. - By April 2025, the total value of onshore fixed-income products held by international investors reached 4.4 trillion RMB, a 10% increase from the previous year [2]. - As of the first quarter of 2025, the number of offshore investors participating in the Swap Connect exceeded 80, with a monthly transaction volume of 380 billion RMB in May 2025, far exceeding initial expectations [2][3]. Group 2: Market Optimization and Future Prospects - Since its inception, 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 [4]. - The HKEX anticipates further product expansions, including the introduction of interest rate swap contracts referencing the one-year Loan Prime Rate (LPR), aimed at enhancing the attractiveness of RMB-denominated assets for offshore investors [4][5]. - The Swap Connect has become the preferred tool for offshore investors to hedge interest rate risks, with a notable shift from the NDIRS (offshore RMB interest rate swap) market to the Swap Connect market [6][7]. Group 3: Infrastructure and Demand - The increasing interest from international investors in RMB interest rate swaps has led to a demand for improved infrastructure and product offerings within the Swap Connect [8]. - Recommendations include expanding transaction limits and diversifying product types to meet the growing needs of offshore investors [8].