Core Viewpoint - The Shanghai Clearing House, in collaboration with the China Foreign Exchange Trade System and Hong Kong OTC Clearing Limited, will extend the "Northbound Swap Connect" product contract period to 30 years, effective June 30, 2025, to better meet the trading needs of foreign institutional investors [1][3]. Group 1: Contract Extension - The "Northbound Swap Connect" product contract period will be extended to a maximum remaining term of 30 years for FR007 and Shibor_3M interest rate swap contracts, allowing for centralized clearing [3]. - The extension aims to support the risk management needs of domestic quote providers and enhance the linkage between domestic and foreign markets [3]. Group 2: Fee Waiver - The Shanghai Clearing House will continue to fully waive clearing fees for domestic institutions engaging in interest rate swap contracts through the "Northbound Swap Connect," with the waiver extended for an additional year [4]. Group 3: System Optimization - The clearing system will be updated to include features such as bond flow bookkeeping, centralized clearing contract duration batch queries, and "Swap Connect" limit monitoring [3]. - The Shanghai Clearing House will provide unified access to the new version of the system for clearing members, allowing administrators to configure permissions for other operators [5].