中国人民银行、中国证监会、国家外汇局就境外机构投资者在中国债券市场开展债券回购业务有关事宜 公告，境内相关金融市场基础设施应当制定或修订业务规则、操作细则，并按规定报中国人民银行、中 国证监会等相关金融管理部门；做好相关交易、托管、结算和清算服务与监测工作，发现重大问题和异 常情况及时处理并向中国人民银行、中国证监会等相关金融管理部门报告。境外机构投资者应当按照相 关规定要求签署债券回购主协议，相关自律组织、行业协会应将主协议标准版本向中国人民银行、中国 证监会等相关金融管理部门备案。 ...

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]

香港金管局副总裁陈维民在财资市场高峰会表示，香港离岸人民币市场过去20年显著成长，日均外汇交 易金额增长逾6倍至去年的6700亿美元，全球排名由第6位上升到第4位；以港元计价的未偿还债券总 额，由2005年的6640亿港元增至去年超过2.8万亿港元。 香港财资市场公会成立20周年，身兼理事会主席的陈维民认为，香港财资市场公会在推广实践、促进产 业合作、增强市场竞争力和发展方面发挥重要作用。香港财资市场公会未来将更加著重反映市场意见和 提出政策建议，使本港财资市场更有效率、更具竞争力和前瞻性。 另外，昨日公布《固定收益及货币市场发展路线图》，旨在协调各方力量，使香港成为更具竞争力的固 定收益和货币市场，形容路线图是与业界广泛沟通的成果。 ...

Core Viewpoint - The Chinese Foreign Exchange Trading Center is optimizing the "Swap Connect" mechanism to enhance market vitality and better meet the demand of foreign investors for managing RMB interest rate risks [1] Group 1: Mechanism Optimization - The new measures include establishing a dynamic adjustment mechanism for "Swap Connect" quote providers and expanding the number of quote providers [1] - A daily net limit dynamic assessment mechanism will be improved, with the daily net limit raised 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 RMB asset allocation for foreign investors, serving as an efficient tool for interest rate risk management [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] Group 3: Future Collaboration - The trading center will continue to work closely with domestic and foreign market participants and infrastructure under the guidance of the People's Bank of China to further optimize the "Swap Connect" mechanism [1] - This initiative aims to support the high-level opening of China's financial market and the internationalization of the RMB [1]

交易中心表示，未来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。 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。 本报讯 （记者刘琪）9月25日，中国外汇交易中心（以下简称"交易中心"）发布消息称，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，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。 ...

本报讯 （记者韩昱）中国外汇交易中心9月25日发布消息称，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。 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。 交易中心表示，未来，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。 （编辑 张文玲 郭之宸） ...

未来，中国外汇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。 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。 北京商报讯（记者 岳品瑜 董晗萱）9月25日，据中国外汇交易中心官网，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。 ...

Group 1 - The core viewpoint of the article is the introduction of a centralized bond lending service aimed at enhancing market liquidity and improving settlement service efficiency, approved by the People's Bank of China [1] Group 2 - The centralized bond lending service will be jointly launched by the Central Government Securities Depository and Clearing Co., Ltd. and the National Interbank Funding Center on October 10, 2025 [1] - This service will provide an automatic bond lending service in the interbank bond market, allowing lenders to set parameters and establish a lending pool voluntarily [1] - When a borrower faces a shortfall of payable bonds on the settlement date, they can initiate a centralized bond lending instruction through the interbank funding center's local currency trading platform [1] - The Central Government Securities Depository and Clearing Co., Ltd. will automatically match and facilitate bond lending from the lending pool, while also providing collateral management and settlement services [1] - The centralized bond lending service will be available to all members of the interbank bond market, with asset management products requiring their asset managers to handle the business on their behalf [1]

Core Insights - The daily trading volume in China's financial market exceeds 10 trillion yuan, reflecting the significant development of the financial industry [1] - The China Foreign Exchange Trading Center has evolved from a small-scale market to a leading global platform for RMB and related asset trading [2] Group 1: Market Development - The China Foreign Exchange Trading Center was established in 1994, coinciding with the initiation of China's socialist market economy reforms [1] - The center now serves nearly 6,000 institutions from over 70 countries and regions, covering various financial markets including currency, bond, and foreign exchange markets [2] Group 2: Open Market Initiatives - Recent years have seen the introduction of multiple measures to open the interbank market, enhancing access for global investors through a "multi-currency, multi-mechanism, one-stop" investment channel [2][3] - The center has launched initiatives such as "Bond Connect," "Northbound Trading," and "Southbound Trading" to facilitate foreign institutional access [3] Group 3: Technological Advancements - The trading system of the Foreign Exchange Trading Center has undergone multiple upgrades, achieving self-designed architecture and core technology [4] - The center is leveraging big data and advanced technologies to enhance data security and market operation quality [4]

Group 1 - The China Foreign Exchange Trading Center has launched significant measures to enhance financial market openness, showcasing vibrant growth and innovation in the sector [1][2] - Since its establishment in 1994, the center has evolved from a single foreign exchange trading platform to a comprehensive financial market platform covering various instruments, with the Chinese bond market reaching a scale of 189 trillion yuan, ranking second globally [1] - The center has facilitated access for 1,170 foreign institutional investors from over 70 countries, with total holdings of Chinese bonds amounting to 4.23 trillion yuan [1] Group 2 - A notable innovation is the "Bond Connect" program launched in 2017, which consists of "Northbound" and "Southbound" channels, connecting China's bond market with the global market [1] - The center has introduced the "China-Europe Green Bond Common Classification Directory," which has certified 276 bonds, providing a standardized framework for international investors in Chinese green financial products [2] - The trading hours have been extended to 20 hours daily, allowing investors in major financial hubs like London, New York, and Singapore to participate in the Chinese financial market during local working hours [2] Group 3 - Shanghai has become an international financial center, attracting numerous foreign financial institutions, with 1,796 licensed financial institutions by June 2025, of which 556 are foreign, accounting for nearly one-third [2] - In 2024, the offshore trade settlement volume through free trade accounts reached 106.9 billion yuan, reflecting the city's financial ecosystem and openness [2] - The China Foreign Exchange Trading Center aims to continue its role as a bridge, focusing on building a "global RMB trading main platform" and expanding cross-border business [2]