为更好满足境外投资者管理人民币利率风险的需求，中国外汇交易中心之前在中国人民银行指导下建立 互换通报价商动态调整机制，最近更新增三家"北向互换通"报价商，互换通报价商队伍扩大至23家机 构，为全球投资者参与"互换通"交易清算提供更多专业支持，增强"互换通"市场流动性，提升人民币资 产吸引力。 智通财经APP获悉，11月5日，香港交易所发布，自"互换通"上线以来，交易金额不断提升，已成为境 外机构投资者管理人民币利率风险的重要渠道，截至2025年9月末，已有来自15个国家和地区的83家境 内外投资者参与，累计达成交易1.6万笔，名义本金8.58万亿元人民币。今年第三季度互换通清算的名义 金额达1.4万亿元人民币，环比增长25%。 2025年互换通进一步加快发展步伐，推出一系列优化措施，包括：自2025年10月13日起将每日净限额提 升至450亿元人民币；延长利率互换合约的最长交易剩余期限至30年；扩充参考利率，增加一年期贷款 市场报价利率（LPR 1Y）为参考利率；合资格抵押品范围扩大至在岸国债及政策性金融债。 ...

Core Viewpoint - The China Foreign Exchange Trading Center is optimizing the "Swap Connect" mechanism to enhance market vitality and better meet the needs of foreign investors in managing RMB interest rate risks [1] Group 1: Mechanism Enhancements - A dynamic adjustment mechanism for "Swap Connect" quote providers will be established, and the number of quote providers will be expanded [1] - A daily net limit dynamic assessment mechanism will be improved, with the daily net limit increased to 45 billion RMB starting from October 13, 2025 [1] Group 2: Market Impact - Since its launch on May 15, 2023, "Swap Connect" has provided a convenient and efficient tool for foreign investors to manage interest rate risks associated with RMB asset allocation [1] - As of the end of August 2025, 82 foreign 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]

Core Viewpoint - The introduction of interest rate swap contracts based on the one-year Loan Prime Rate (LPR1Y) under the "Northbound Swap Connect" aims to enhance risk management tools for overseas investors and meet their diverse interest rate risk management needs [1][2]. Group 1: Market Development - Since its launch on May 15, 2023, the "Swap Connect" has been operating smoothly, becoming an important channel for overseas institutional investors to manage RMB interest rate risk [2]. - As of the end of August 2025, 82 overseas financial institutions from 15 countries and regions have conducted over 15,000 RMB interest rate swap transactions, totaling a nominal principal of approximately 8.15 trillion RMB [2]. Group 2: Infrastructure and Operations - The collaboration between the China Foreign Exchange Trading Center, Shanghai Clearing House, and Hong Kong's OTC Clearing Limited has facilitated the seamless execution and clearing of transactions under the "Northbound Swap Connect" [1][2]. - The dual Central Counterparty (CCP) interconnection and single resource pool arrangement have reduced participation complexity for domestic and foreign investors while effectively managing systemic risks [2]. Group 3: Future Outlook - The three-party infrastructure will continue to work closely with market participants under the guidance of regulatory authorities to enrich "Swap Connect" products and enhance the risk management framework [3].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) announced a joint statement from the People's Bank of China, the Hong Kong Securities and Futures Commission, and the Hong Kong Monetary Authority regarding the deepening of "Swap Connect" cooperation, aimed at enhancing the management of RMB interest rate risks for overseas investors [1] Group 1 - The Hong Kong OTC Clearing Limited, a subsidiary of HKEX, will collaborate with the China Foreign Exchange Trade System and the National Interbank Funding Center to enrich the product tenors and types under the "Swap Connect" framework [1] - The optimization measures include extending the interest rate swap contract tenors to 30 years, catering to the diverse risk management needs of market institutions [1] - The product spectrum will be expanded to include interest rate swap contracts referencing the Loan Prime Rate (LPR) [1]