（文章来源：每日经济新闻） 每经AI快讯，中国外汇交易中心9月25日发布消息称，将在中国人民银行指导下优化"互换通"运行机 制。具体措施包括建立"互换通"报价商动态调整机制，并扩充报价商队伍。完善每日净限额动态评估机 制，并自2025年10月13日起提高每日净限额至450亿元。未来，交易中心将继续在中国人民银行指导 下，与两地基础设施、境内外市场参与者紧密合作，持续优化"互换通"机制安排，助力中国金融市场高 水平对外开放和人民币国际化进程。 ...

本报讯 （记者韩昱）中国外汇交易中心9月25日发布消息称，为进一步提升互换通市场活力，更好满足境外投资者管理人 民币利率风险的需求，中国外汇交易中心（以下简称"交易中心"）将在中国人民银行指导下优化"互换通"运行机制。具体措施 包括：一是建立"互换通"报价商动态调整机制，并扩充报价商队伍。二是完善每日净限额动态评估机制，并自2025年10月13日 起提高每日净限额至450亿元。 自2023年5月15日上线以来，"互换通"为境外投资者开展人民币资产配置提供了便利、高效的利率风险管理工具。截至 2025年8月底，已有来自15个国家和地区的82家境外投资者累计达成人民币利率互换交易1.5万余笔、名义本金8.15万亿元。 交易中心表示，未来，将继续在中国人民银行指导下，与两地基础设施、境内外市场参与者紧密合作，持续优化"互换 通"机制安排，助力中国金融市场高水平对外开放和人民币国际化进程。 （编辑 张文玲 郭之宸） ...

随着国际投资者对人民币利率互换的兴趣不断提升，对"互换通"产品需求不断增加。此前已有部分市场 机构建议，扩大"互换通"交易限额，丰富"互换通"产品种类，满足日益增长的境外投资者需求。 为进一步提升内地与香港利率互换市场互联互通合作(下称"互换通")市场活力，中国外汇交易中心(下称 交易中心)9月25日发布消息称，将在中国人民银行指导下优化"互换通"运行机制。具体措施包括建 立"互换通"报价商动态调整机制，并扩充报价商队伍。完善每日净限额动态评估机制，并自2025年10月 13日起提高每日净限额至450亿元。 交易中心明确，未来将继续在央行指导下，与两地基础设施、境内外市场参与者紧密合作，持续优 化"互换通"机制安排，助力中国金融市场高水平对外开放和人民币国际化进程。 "互换通"运行机制迎优化。 自2023年5月15日上线以来，"互换通"为境外投资者开展人民币资产配置提供了便利、高效的利率风险 管理工具，交易清算等机制安排运转顺畅，境内外投资者积极踊跃参与，业务量持续上升。截至2025年 8月底，已有来自15个国家和地区的82家境外投资者累计达成人民币利率互换交易1.5万余笔、名义本金 8.15万亿元。 202 ...

"互换通"运行机制迎优化。 为进一步提升内地与香港利率互换市场互联互通合作（下称"互换通"）市场活力，中国外汇交易中心（下称交易中心）9月25日发布消息称，将在中国人民银 行指导下优化"互换通"运行机制。具体措施包括建立"互换通"报价商动态调整机制，并扩充报价商队伍。完善每日净限额动态评估机制，并自2025年10月13 日起提高每日净限额至450亿元。 自2023年5月15日上线以来，"互换通"为境外投资者开展人民币资产配置提供了便利、高效的利率风险管理工具，交易清算等机制安排运转顺畅，境内外投资 者积极踊跃参与，业务量持续上升。截至2025年8月底，已有来自15个国家和地区的82家境外投资者累计达成人民币利率互换交易1.5万余笔、名义本金8.15 万亿元。 2024年5月，"互换通"机制安排迎来优化，推出以国际货币市场结算日为支付周期的利率互换合约、历史起息的利率互换合约及合约压缩功能等。今年5 月，"互换通"机制得到进一步优化，包括延长合约期限，扩充产品谱系等。 随着国际投资者对人民币利率互换的兴趣不断提升，对"互换通"产品需求不断增加。此前已有部分市场机构建议，扩大"互换通"交易限额，丰富"互换通"产品 ...

来源：上海证券报·中国证券网 自2023年5月15日上线以来，"互换通"为境外投资者开展人民币资产配置提供了便利、高效的利率风险 管理工具。截至2025年8月底，已有来自15个国家和地区的82家境外投资者累计达成人民币利率互换交 易1.5万余笔、名义本金8.15万亿元。 上证报中国证券网讯 据中国外汇交易中心消息，为进一步提升互换通市场活力，更好满足境外投资者 管理人民币利率风险的需求，中国外汇交易中心（以下简称交易中心）将在中国人民银行指导下优 化"互换通"运行机制。具体措施包括：一是建立"互换通"报价商动态调整机制，并扩充报价商队伍。二 是完善每日净限额动态评估机制，并自2025年10月13日起提高每日净限额至450亿元。 未来，交易中心将继续在中国人民银行指导下，与两地基础设施、境内外市场参与者紧密合作，持续优 化"互换通"机制安排，助力中国金融市场高水平对外开放和人民币国际化进程。 ...

Core Insights - DR007, the 7-day repurchase rate in the interbank market, serves as a crucial indicator of market liquidity and has become a benchmark for loan rates, bond yields, and derivative pricing since its inception in 2014 [1] Group 1: Development of the Foreign Exchange Trading Center - The China Foreign Exchange Trading Center (CFETS) was established in 1994, marking the beginning of the market-oriented reform of interest rates in China [2] - CFETS has evolved into a vital infrastructure within the Chinese financial system, serving nearly 6000 institutions across over 70 countries and regions [2] - The interbank market has grown significantly, with a projected transaction volume of 261.7 trillion yuan in 2024, averaging over 10.5 trillion yuan daily [3] Group 2: Technological Advancements - The transition from manual trading to electronic trading systems has greatly enhanced market efficiency, with the latest systems capable of processing 100,000 transactions per second [3] Group 3: Bond Market and Foreign Participation - China's bond market, valued at 190 trillion yuan, ranks second globally and has attracted significant foreign investment, with over 1100 foreign institutions holding 4.23 trillion yuan in bonds [4] - The introduction of the "Northbound Trading" scheme in 2017 has streamlined access for foreign traders, allowing them to trade domestic bonds directly from Hong Kong [4][6] Group 4: Innovative Trading Mechanisms - CFETS has expanded its access mechanisms, including "Northbound Trading," "Southbound Trading," and "Swap Connect," to meet the liquidity management and risk hedging needs of foreign institutions [5] - The "Swap Connect" allows foreign investors to access the onshore interest rate swap market through familiar international electronic trading platforms, enhancing transaction efficiency [6]

Group 1 - The China Foreign Exchange Trading Center has launched significant measures to enhance financial market openness, showcasing vibrant growth and innovation in the sector [1][2] - Since its establishment in 1994, the center has evolved from a single foreign exchange trading platform to a comprehensive financial market platform covering various instruments, with the Chinese bond market reaching a scale of 189 trillion yuan, ranking second globally [1] - The center has facilitated access for 1,170 foreign institutional investors from over 70 countries, with total holdings of Chinese bonds amounting to 4.23 trillion yuan [1] Group 2 - A notable innovation is the "Bond Connect" program launched in 2017, which consists of "Northbound" and "Southbound" channels, connecting China's bond market with the global market [1] - The center has introduced the "China-Europe Green Bond Common Classification Directory," which has certified 276 bonds, providing a standardized framework for international investors in Chinese green financial products [2] - The trading hours have been extended to 20 hours daily, allowing investors in major financial hubs like London, New York, and Singapore to participate in the Chinese financial market during local working hours [2] Group 3 - Shanghai has become an international financial center, attracting numerous foreign financial institutions, with 1,796 licensed financial institutions by June 2025, of which 556 are foreign, accounting for nearly one-third [2] - In 2024, the offshore trade settlement volume through free trade accounts reached 106.9 billion yuan, reflecting the city's financial ecosystem and openness [2] - The China Foreign Exchange Trading Center aims to continue its role as a bridge, focusing on building a "global RMB trading main platform" and expanding cross-border business [2]

Core Viewpoint - The article highlights the significant evolution of China's foreign exchange market since the 1994 reform, emphasizing the role of the China Foreign Exchange Trading Center in facilitating the growth and openness of the financial market [1][3]. Group 1: Development of the Foreign Exchange Market - The China Foreign Exchange Trading Center has transformed from a small-scale market serving only domestic banks to a leading platform for global RMB and related asset trading, serving nearly 6000 institutions across over 70 countries and regions [3]. - The interbank market's trading volume has seen an average annual growth rate exceeding 35% since the establishment of the China Foreign Exchange Trading Center [5]. - As of 2024, the interbank foreign exchange market's transaction volume is projected to reach 261.7 trillion yuan, with an average daily trading volume of 10.5 trillion yuan, accounting for approximately 70% of major financial markets in China [5]. Group 2: Internationalization and Accessibility - The China Foreign Exchange Trading Center has implemented various measures to open the interbank market, providing a "multi-currency, multi-mechanism, one-stop" investment channel for global investors [7]. - Over 1100 foreign institutional investors participate in the Chinese interbank market, holding approximately 4 trillion yuan in bonds, with the bond market's trading volume reaching 19.1 trillion yuan in 2024 [7]. - The introduction of the Bond Connect "Northbound" and "Southbound" services has facilitated cross-border investment, with 834 foreign institutions entering the market through the Northbound channel and 1171 institutions participating in the Southbound channel [7]. Group 3: Shanghai as an International Financial Center - Shanghai is positioned as a strategic international financial center, with a focus on creating a market-oriented, law-based, and international business environment [9]. - As of June 2023, Shanghai has 1796 licensed financial institutions, with 556 being foreign entities, representing nearly one-third of the total [9]. - The city aims to enhance financial services to stabilize foreign trade and investment, while promoting higher levels of financial reform and opening up to invigorate market dynamics [9].

Core Insights - The launch of the "Northbound Swap Connect" long-term interest rate swap contracts on June 30 is seen as a significant step in meeting the long-term interest rate risk management needs of foreign investors and enhancing the openness of China's financial market [1][4] Group 1: Market Participation and Initial Performance - On the first day of trading, 25 domestic and foreign institutions participated, with a total of 56 transactions and a nominal principal amount of 1.53 billion yuan [1] - The successful organization of the first day's trading and settlement indicates smooth operation of the business and systems [1] Group 2: Demand for Long-term Derivatives - The demand for long-term government bonds has increased among foreign investors, with holdings of 30-year government bonds exceeding 100 billion yuan [2] - The introduction of the 30-year interest rate swap contract is expected to enhance the depth and breadth of the domestic and foreign interest rate derivatives market [2][3] Group 3: Benefits of the New Product - The new contracts will improve the yield curve and fill the gap in long-term interest rate management tools, providing precise duration matching for long-term funds like insurance and pensions [3] - The introduction of these products is anticipated to reduce irrational selling behavior in the market, thereby enhancing financial market stability and boosting foreign investor confidence [3] Group 4: Financial Market Connectivity - The "Northbound Swap Connect" has become a major channel for foreign investors to manage interest rate risks associated with RMB assets, with cumulative trading and clearing reaching 7.16 trillion yuan by June 2025 [4] - The initiative is supported by regulatory bodies in both regions, which have optimized business operations to facilitate cross-border trading [4][5] Group 5: Future Developments - The expansion of LPR-based interest rate swap contracts will further diversify the product offerings available to foreign investors, catering to various risk management needs [6]

（责任编辑：蔡情） 本报讯 （记者刘琪）5月15日，中国人民银行发布消息称，为贯彻落实党中央、国务院关于稳步推进我 国金融市场对外开放的战略部署，2023年5月15日，内地与香港利率互换市场互联互通合作（以下简 称"互换通"）正式上线。自业务上线以来，"互换通"业务量持续上升。2024年5月份，"互换通"机制安 排进一步优化，推出以国际货币市场结算日为支付周期的利率互换合约、历史起息的利率互换合约及合 约压缩功能等，进一步便利境外机构管理人民币利率风险，提升境外投资者配置人民币资产意愿。截至 2025年4月末，20家境内报价商与79家境外投资者，累计达成人民币利率互换交易1.2万多笔，名义本金 总额约6.5万亿元人民币。 为进一步促进内地与香港金融衍生品市场协同发展，推动金融高水平对外开放，中国人民银行、香港证 券及期货事务监察委员会、香港金融管理局在充分总结"互换通"运行经验、认真听取境内外投资者意见 建议的基础上，拟进一步丰富"互换通"产品类型。一是延长合约期限，延长利率互换合约期限至30年， 满足市场机构多样化风险管理需求；二是扩充产品谱系，推出以贷款市场报价利率（LPR）为参考利率 的利率互换合约。两 ...