工行卢森堡分行金融市场部副总经理赵晨 表示： " 完成欧洲首笔'互换通'交易，是工行全球衍生品业务拓展的重要里程碑，这笔交易不仅反映国际客 户对对冲中国资产敞口风险的需求日益增长，也彰显我们具备为客户提供稳健、高效进入境内人 民币市场能力。" 彭博全球新兴市场交易产品负责人Andrew Beacham 表示： 彭博近日宣布， 中国工商银行（"工行"）卢森堡分行通过 彭博"互换通"解决方案 ，成功完成欧 洲首笔"互换通"交易。 继工行迪拜分行通过彭博完成中东地区首笔"互换通"交易之后，工行海外 分行进一步拓展该项业务，标志着"互换通"机制在全球市场不断扩展，有力推动国际投资者更广泛 参与中国境内衍生品市场。 这笔交易凸显"互换通"在境外机构管理人民币利率风险方面的加速应用，也体现了在香港和内地监 管机构共同推动下，中国金融市场的开放与便利。 我们很高兴与工行深化合作，支持其在欧洲和中东率先开展'互换通'交易。彭博致力于为市场参与 者提供有效的风险对冲工具，推动流动性提升并扩大境外投资者参与中国债券市场。我们期待继 续发挥引领作用，推动'互换通'惠及欧洲及其他地区的更多机构。" "互换通" 于2023年5月推出， ...

Core Insights - The "Swap Connect" mechanism is being optimized to enhance the interconnectivity of the interest rate swap market between mainland China and Hong Kong, which is a significant step in China's financial market opening [1][2]. Group 1: Mechanism Optimization - The daily net limit for interest rate swaps will be increased from 20 billion to 45 billion yuan starting October 13, 2025, allowing greater participation from foreign investors and improving the attractiveness of RMB assets [1]. - A dynamic assessment mechanism for daily net limits will be implemented to adjust quota allocations based on market supply and demand, preventing trading interruptions due to insufficient quotas [1][3]. - The introduction of a dynamic adjustment mechanism for market makers will enhance pricing efficiency and reduce the market influence of any single institution, leading to fairer and more transparent pricing [3]. Group 2: Market Participation and Growth - Since its launch on May 15, 2023, "Swap Connect" has seen a steady increase in transaction volume and the number of participating investors, with 82 foreign investors from 15 countries and regions engaging in over 15,000 RMB interest rate swap transactions totaling a nominal principal of 8.15 trillion yuan by August 2025 [2]. - The increase in the daily net limit to 45 billion yuan is expected to meet the growing demand from foreign investors for RMB interest rate risk hedging, thereby enhancing market liquidity [1][2]. Group 3: Future Directions - Future optimization directions for the "Swap Connect" mechanism include expanding the variety of products offered, improving cross-border collaboration efficiency, and refining the evaluation standards for market makers [3][4].