智通财经APP获悉，9月26日，中国人民银行、中国证监会、国家外汇局联合发布公告，支持可在中国 债券市场开展债券现券交易的境外机构投资者开展债券回购业务，公告自发布之日起施行，有关负责人 就公告答记者问。公告进一步满足境外机构投资者通过债券回购开展流动性管理的需求，促进在岸和离 岸金融市场互联互通，推动中国债券市场高水平对外开放。 《公告》发布后，银行间债券市场的境外机构投资者均可参与债券回购业务，包括通过直接入市和"债 券通"渠道入市的全部境外机构投资者。投资者类型包括：境外中央银行或货币当局、国际金融组织、 主权财富基金;境外商业银行、保险公司、证券公司、基金管理公司、期货公司、信托公司及其他资产 管理机构等各类金融机构，以及养老基金、慈善基金、捐赠基金等中长期机构投资者。 在风险防范方面，有关负责人指，公告对境外机构投资者开展债券回购业务加强在交易、托管、结算、 汇兑等环节的设计，实现资金闭环管理，并通过交易托管数据报告等方式，强化穿透式监管和监测。 中国人民银行、中国证监会、国家外汇局进一步支持各类境外机构投资者开展债券回购业务，不仅有利 于满足市场需求，进一步增强人民币债券资产吸引力，也有利于优化合 ...

【大河财立方消息】9月26日，中国人民银行、中国证监会、国家外汇局联合发布公告，支持可在中国 债券市场开展债券现券交易的境外机构投资者开展债券回购业务。 近年来，中国债券市场对外开放取得积极成效，境外机构投资者投资中国债券市场的数量和持债规模扩 大，通过债券回购业务开展流动性管理的需求不断增加。截至2025年8月末，共有来自80个国家和地区 的1170家境外机构进入中国债券市场，持债总量约4万亿元人民币。中国人民银行有序推动银行间债券 市场债券回购业务对外开放，自2015年起，支持境外主权类机构、境外人民币业务清算行和境外参加行 在银行间市场开展债券回购业务；2025年，与香港金管局共同推出以"债券通"北向通债券为标的的离岸 回购业务。 中国人民银行、中国证监会、国家外汇局进一步支持各类境外机构投资者开展债券回购业务，不仅有利 于满足市场需求，进一步增强人民币债券资产吸引力，也有利于优化合格境外投资者制度，巩固提升香 港国际金融中心地位，助力在岸离岸人民币市场协同发展。业务模式上，中国人民银行深入总结境内外 回购市场实践，加强银行间市场债券回购机制和国际市场通行做法衔接，实现标的债券过户和可使用， 为境外机构 ...

Core Viewpoint - The announcement aims to deepen the opening of the financial market and facilitate liquidity management for foreign institutional investors in the Chinese bond market [3]. Group 1: Definition and Scope - Foreign institutional investors are defined as entities eligible to conduct cash transactions in the Chinese bond market, including foreign central banks, international financial organizations, sovereign wealth funds, and various financial institutions registered outside China [3]. - The bond repurchase business includes both pledged repurchase and outright repurchase [4]. Group 2: Compliance and Regulations - Foreign institutional investors must comply with Chinese laws and regulations, as well as financial management department rules when conducting bond repurchase transactions [4]. - Transactions must adhere to the fund and account management regulations corresponding to their cash transaction investment channels [4]. Group 3: Market Infrastructure and Supervision - Domestic financial market infrastructures are required to develop or revise business rules and operational details, reporting to relevant regulatory bodies like the People's Bank of China and the China Securities Regulatory Commission [4]. - Self-regulatory organizations must enhance self-regulation of the bond repurchase business [6]. Group 4: Regulatory Collaboration - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange will strengthen regulatory collaboration and implement macro-prudential management for foreign institutional investors engaging in bond repurchase [6]. - Violations of laws, regulations, or the announcement will lead to supervisory measures and potential administrative penalties [6][10]. Group 5: Applicability - The announcement applies to institutional investors established in Hong Kong, Macau, and Taiwan [10].

Core Insights - The China Foreign Exchange Trading Center announced measures to enhance the "Swap Connect" market to better meet the needs of foreign investors in managing RMB interest rate risks [1] - The measures include establishing a dynamic adjustment mechanism for quote providers and expanding the number of quote providers [1] - The daily net limit for transactions will be increased to 45 billion RMB starting from October 13, 2025 [1] Group 1 - "Swap Connect" has facilitated efficient interest rate risk management for foreign investors since its launch on May 15, 2023 [1] - As of August 31, 2025, 82 foreign investors from 15 countries and regions have conducted over 15,000 RMB interest rate swap transactions, with a nominal principal of 8.15 trillion RMB [1] - The Trading Center aims to continue optimizing the "Swap Connect" mechanism in collaboration with the People's Bank of China and market participants [1]

（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。 ...

Core Insights - The China Foreign Exchange Trading Center announced on September 25 measures to enhance the "Swap Connect" market's vitality and better meet the needs of overseas investors in managing RMB interest rate risks [1] Group 1: Operational Enhancements - A dynamic adjustment mechanism for "Swap Connect" quote providers will be established, and the pool of quote providers will be expanded [1] - A daily net limit dynamic assessment mechanism will be improved, with the daily net limit set to increase to 45 billion RMB starting from October 13, 2025 [1] Group 2: Market Impact - Since its launch on May 15, 2023, "Swap Connect" has facilitated efficient interest rate risk management for overseas investors in RMB asset allocation [1] - As of the end of August 2025, 82 overseas investors from 15 countries and regions have conducted over 15,000 RMB interest rate swap transactions, with a nominal principal amount of 8.15 trillion RMB [1] Group 3: Future Outlook - The trading center will continue to optimize the "Swap Connect" mechanism in collaboration with the People's Bank of China and market participants, supporting the high-level opening of China's financial market and the internationalization of the RMB [1]

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]