Core Viewpoint - Shanghai Clearing House is the largest OTC foreign exchange centralized clearing platform globally, with a projected foreign exchange clearing volume of 200 trillion yuan this year, exceeding that of the London Clearing House by over 20% [1] Group 1: Financial Infrastructure and Cross-Border Services - Shanghai Clearing House plays a unique role in enhancing Shanghai's cross-border financial service capabilities through internationality, security, and leadership [1] - The establishment of a cross-border connectivity network has significantly expanded the range and scale of cross-border trading and financing in Shanghai's financial market [1] - The "Yulan Bond" initiative has achieved international connectivity with the European Clearing Bank, with future plans to connect with Refinitiv and Hong Kong CMU for seamless integration of domestic and foreign markets [1] Group 2: Product Development and Innovation - The introduction of the "Yulan Bond" as a key cross-border financing product has supported over 200 billion yuan in issuance, facilitating Chinese enterprises' international expansion [2] - The "Two Ends Abroad" self-trade bond has successfully supported the issuance of the first offshore bond in the Shanghai Free Trade Zone [2] - The Panda Bond initiative has supported over 900 billion yuan in issuance, establishing Shanghai Clearing House as the largest Panda Bond issuance and custody platform in China [2] Group 3: Mechanism Innovation - The global first cross-border central counterparty clearing connectivity mechanism for derivatives has been launched to meet market demands for cross-border bond investment risk management [3] - The "Swap Connect" initiative has been introduced in collaboration with domestic and foreign financial infrastructures to support the rapid and stable development of the cross-border derivatives market [3] - Future efforts will focus on enhancing the convenience of cross-border investment and financing, strengthening Shanghai's capability in global financial resource allocation [3]