为进一步提升内地与香港利率互换市场互联互通合作（下称"互换通"）市场活力，中国外汇交易中心（下 称"交易中心"）9月25日发布消息称，将在中国人民银行指导下优化"互换通"运行机制。 责编：杨喻程 排版：汪云鹏 校 对： 杨舒欣 百万用户都在看 大爆发！两大利好来袭！ 盘中，集体异动！刚刚，见证历史！ 见证历史！集体大涨！ 杀疯了！9万亿元！ 突然！尾盘，多只牛股异动！发生了什么？ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 具体措施包括建立"互换通"报价商动态调整机制，并扩充报价商队伍。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，交易清算等机制安排运转顺畅，境内外投资者积极踊跃参与，业务量持续上升。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。 2024年5月，"互换通"机制安排迎来优化，推出以国际货币市场结算日为支付周期的利率互换合约 ...

随着国际投资者对人民币利率互换的兴趣不断提升，对"互换通"产品需求不断增加。此前已有部分市场 机构建议，扩大"互换通"交易限额，丰富"互换通"产品种类，满足日益增长的境外投资者需求。 为进一步提升内地与香港利率互换市场互联互通合作(下称"互换通")市场活力，中国外汇交易中心(下称 交易中心)9月25日发布消息称，将在中国人民银行指导下优化"互换通"运行机制。具体措施包括建 立"互换通"报价商动态调整机制，并扩充报价商队伍。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。 交易中心明确，未来将继续在央行指导下，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。 "互换通"运行机制迎优化。 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，交易清算等机制安排运转顺畅，境内外投资者积极踊跃参与，业务量持续上升。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。 202 ...

智通财经APP获悉，9月25日，中国人民银行宣布支持进一步深化内地与香港金融市场的互联互通，包 括支持各类境外机构投资者在内地债券市场开展回购业务、扩充互换通报价商队伍和优化管理机制、提 升北向交易每日额度超过一倍至450亿元人民币、会同相关部门在香港市场提供更多包括国债等的人民 币资产，以及继续与各方密切沟通协作，加快落实人民币国债期货在港上市。对此，香港特别行政区政 府表示欢迎。两地市场机构将敲定落实细节，并公布相关实施日期。 香港财经事务及库务局局长许正宇表示，香港人民币债券发行量逐年上升，2024年超过一万亿元人民 币。互换通2023年落实以来一直运作顺畅，业务量稳步上升，2025年八月的日均成交名义本金达200亿 元人民币，较2023年推出首月时增长超过五倍。随着境外投资者在内地债券市场的参与度逐渐提升，相 关风险管理工具的需求日渐增加。优化互换通机制将进一步便利海外投资者对冲内地资产的风险，有助 他们更妥善地管理其配置组合。香港政府也会与内地相关机构紧密沟通合作，扩大在港人民币产品的选 择，全速推进落实推出离岸国债期货。衷心感谢中央人民政府和内地相关监管机构的大力支持。 香港财政司司长陈茂波说，随 ...

中国外汇交易中心公告，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。 未来，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。 ...

香港证监会与香港金管局9月25日联合发布香港的《固定收益及货币市场发展路线图》，通过促进需 求、流动性及创新，策略性定位香港成为全球固定收益及货币中心。《路线图》围绕四大支柱提出关键 措施，包括一级市场发行、二级市场流动性、离岸人民币业务及新一代基建。《路线图》提出十项倡 议，旨在巩固香港的现有优势，包括进一步吸引发行人以香港作为集资枢纽，并为发行人及投资者提供 风险管理及流动性管理工具；同时，《路线图》强调开拓新局面，包括提升离岸人民币的使用规模和流 动性，以及发展新一代金融基建以赋能市场创新。 ...

9月24日，恒生指数夜期(9月)开市报26491点。截至北京时间17:15，恒指夜期(9月)报26497点，升13点 或0.049%，低水22点，成交量为73张。未平仓合约总数为140685张，未平仓合约净数报46512张。 ...

智通财经APP获悉，9月23日，香港交易所微博发文称，随着"桦加沙"靠近，香港天文台预计将于下午2时20分发 出八号烈风/暴风信号。根据香港交易所的恶劣天气交易安排，香港的证券及衍生产品市场(包括沪深港通)在八号 或以上烈风/暴风信号、黑色暴雨警告或极端情况警告生效期间，将于正常交易时间维持运作。 港交所建议市场参与者尽早作出运营及人力资源调配，并参考既定的恶劣天气交易运作安排，以支持市场平稳运 作。 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is prepared to continue normal operations despite the approach of Super Typhoon Haikui, which is expected to impact the region [1] Group 1: Weather Impact on Operations - Super Typhoon Haikui has intensified and is moving towards the Guangdong coast, prompting the HKEX to monitor the situation closely [1] - The Hong Kong Observatory plans to issue a No. 8 gale or storm signal on September 23, indicating severe weather conditions [1] Group 2: Trading Arrangements - Starting from September 2024, HKEX has implemented arrangements for trading during adverse weather conditions, allowing its securities and derivatives markets to operate normally during No. 8 or higher gale/storm signals, black rainstorm warnings, or extreme situation warnings [1] - The upcoming typhoon represents a significant test for the new "trading during typhoon" regulations established by HKEX [1]

Group 1 - The U.S. Congress is facing a government shutdown threat as the Senate did not vote on a temporary budget passed by the House, with the fiscal year ending on September 30 [1][4] - The House, controlled by Republicans, passed a short-term funding bill to maintain current funding levels until November 21, including an additional $8.8 million for security for government officials [4] - Senate Democrats are resistant to the House's funding bill, citing the lack of provisions for critical healthcare needs and seeking to include restrictions on the Trump administration's fiscal powers [4][5] Group 2 - Both parties are reluctant to take responsibility for a government shutdown, with Republicans aiming to blame Democrats while Democrats accuse Republicans of excluding them from the legislative process [5] - Analysts suggest that a "tweaked" short-term funding bill is likely to pass at the last moment to avoid a complete government shutdown, but if both parties maintain their positions, market volatility may increase [5][6] Group 3 - Historical government shutdowns have caused significant economic losses, with the 2018-2019 shutdown resulting in an estimated $11 billion loss, including $3 billion considered permanent [7] - A potential shutdown could lower GDP growth, with estimates suggesting a weekly shutdown could reduce growth by approximately 0.13 percentage points [8]

Core Insights - China has significantly reduced its holdings of US Treasury bonds, now standing at over $730 billion, down from a peak of $1.3 trillion, indicating a strategic shift in response to global financial dynamics [3] - The reduction in US debt holdings is part of a cautious, phased approach, with China simultaneously increasing its gold reserves, reflecting a broader trend among central banks globally [3][6] - The rising US national debt, currently at $37 trillion, and the associated fiscal pressures have led to diminishing confidence in the dollar, prompting a diversification of assets among international investors [5] Group 1: China's Strategy - China is strategically reducing its reliance on US Treasury bonds while increasing gold reserves, which enhances its financial security and reduces vulnerability to potential financial risks [8][10] - The shift towards gold is not isolated to China; global central banks have collectively purchased over 1,000 tons of gold since 2022, indicating a significant trend away from dollar dependency [6] - This adjustment in asset allocation is aimed at maintaining stability in the face of increasing financial volatility and is part of a broader push for the internationalization of the renminbi [10] Group 2: Global Financial Dynamics - The contrasting strategies of Japan and the UK, which continue to increase their US Treasury holdings, highlight the unique position of China in the current financial landscape [8] - The ongoing diversification of global capital flows and the increasing appeal of gold challenge the traditional dominance of the dollar, suggesting a potential shift in the international monetary system [10] - China's actions serve as a model for other nations, encouraging a reevaluation of their own financial strategies in light of the evolving global economic environment [10]