会议指出，2025年，在总行党委正确领导下，上海清算所坚持以习近平新时代中国特色社会主义思想为 指导，管党治党责任进一步压实，政治生态发生明显变化、呈现向上向好态势，团结协作氛围愈发浓 厚，公司治理体系更加规范高效，市场监测与风险管理体系持续建立健全，集中清算业务竞争力加速提 升，债券发行托管业务量质齐升，国际化发展实现新的突破，信息科技工作取得积极进展，工会、共青 团、内部管理等工作提质增效，服务央行履职、服务上海国际金融中心建设迈出新的步伐。2025年，集 中清算业务规模819万亿元，其中中央对手清算业务272万亿元，分别同比增长13.6%和29%。截至2025 年末，债券托管规模50万亿元，同比增长12.6%。 会议强调，面对新形势新任务新要求，上海清算所全体干部职工要坚定战略信心，在三个"进一步"的奋 勇争先中扛起金融基础设施使命担当。一是要进一步提高大局意识、全局思维，深刻把握"防风险、强 监管、促高质量发展"的主题主线。二是要进一步提高认识、保持定力，深入理解"四个更"的形势要 求。三是要进一步开拓创新、锐意进取，全面践行"四个在前"的行动自觉。 智通财经APP获悉，2026年1月8日下午，上海清 ...

党的二十届四中全会对"十五五"时期加快建设金融强国作出战略部署，要求建设安全高效的金融基础设 施。上海清算所作为我国银行间市场合格中央对手方和全国唯一一家总部设在上海的中央证券存管机 构，是上海国际金融中心建设的重要基石和标志性成果。"十五五"期间，上海清算所将持续以建设安全 高效的金融基础设施为目标，聚焦服务央行履职、服务上海国际金融中心建设，全力推动中央对手清算 和登记托管服务体系提质增效，为服务加快建设金融强国贡献力量。 一、深刻把握建设安全高效的中央对手清算机构的时代意义，强化历史使命感与责任担当 "十五五"规划建议指出，建设覆盖全面的宏观审慎管理体系，以新安全格局保障新发展格局。上海清算 所作为合格中央对手方，深刻认识建设安全高效的中央对手清算机构，是保障金融市场稳健运行和高质 量发展的重要责任，更是全力服务加快建设金融强国的重要历史使命。 一是服务中国特色现代金融体系建设的必然要求。金融基础设施是中国特色现代金融体系的"六大体 系"重要组成部分，是连接和服务金融强国"六个强大"核心要素的重要平台。中央对手方作为居于金融 市场枢纽位置的金融基础设施，是金融政策传导、金融标准建设、金融资源配置、金融合 ...

上海清算所表示，下一步，将继续在中国人民银行指导下，充分发挥金融基础设施优势，持续丰富 信用衍生品产品谱系，释放信用衍生品风险管理、信用增信与价格发现作用，引导金融资源有效配置， 满足各类市场主体多样化风险管理需求，着力提升信用衍生品清算服务能级。 责任编辑：杨喜亭 首先是发挥信用衍生品功能，服务实体经济高质量发展。信用衍生品作为重要的交易定价和避险工 具，重要作用日益凸显。一是发挥增信作用，提升债券发行效率。通过"债券发行+信用衍生品"市场化 的增信方式，增强投资人信心，拓宽实体企业融资渠道，实现对金融"五篇大文章"等重点领域的精准支 持。二是有效对冲风险，提升资产配置效率。市场机构可通过信用衍生品风险转移机制，主动管理信用 风险敞口，平滑信用利差波动，提升科创债、绿债等交易投资效率。三是对冲信用利差波动，拓展交易 型需求。市场机构可通过信用衍生品交易对冲挂钩标的或特定行业信用利差波动，丰富信用衍生品多元 化应用场景。 其次是发挥信用衍生品集中清算功能，助力市场稳健发展。作为金融基础设施，上海清算所以服务 实体经济、做好金融"五篇大文章"、防范化解金融风险为目标，持续提升清算服务能级。一是拓展32家 新质生 ...

来源：上海清算所 2025年12月19日，上海清算所举办银行间利率衍生品业务交流会，中国外汇交易中心代表以及来自国有 银行、股份制银行、城商行、外资银行、证券公司、银行理财子公司及保险资管等21家市场机构的30余 位业务专家参会。 会上，上海清算所业务一部回顾了今年银行间利率衍生品清算业务的发展和运行情况。一是拓展银行间 利率衍生品标的、期限和配套机制，丰富利率风险管理工具箱。先后上线3、7年期国开标准债券远期实 物交割合约和1年期同业存单标准利率互换合约的集中清算业务，拓展利率互换集中清算期限至最长30 年。持续优化配套功能，全力推进利率衍生品清算系统升级。二是发挥中央对手清算优势，扎实开展市 场培育，帮助各类型金融机构筑牢风险防控底线。紧密联系人民银行分支机构开展中央对手清算助力金 融机构风险管理等主题的市场培育，推动更广泛参与者运用简单透明的银行间利率衍生品管理风险。三 是立足国际化发展战略，支持金融高水平开放。"互换通"拓展挂钩LPR标的利率互换集中清算，支持新 增3家报价商展业，引入中银香港成为上海清算所首家境外清算会员直接开展银行间利率衍生品业务。 截至2025年11月，银行间利率衍生品业务集中清 ...

12月22日金融一线消息，央行副行长邹澜在中国人民银行一次性信用修复政策有关情况新闻发布会上表 示，经过近30年的发展，目前央行征信系统已经成为我国一项重要的金融基础设施，在有效防范信用风 险，提升金融服务质效，提高社会诚信意识等方面发挥了重要作用。截至2025年11月末，系统已经收录 了8.1亿自然人的信贷信息。经当事人同意，日均对外提供查询服务达到2000万笔。 责任编辑：秦艺 12月22日金融一线消息，央行副行长邹澜在中国人民银行一次性信用修复政策有关情况新闻发布会上表 示，经过近30年的发展，目前央行征信系统已经成为我国一项重要的金融基础设施，在有效防范信用风 险，提升金融服务质效，提高社会诚信意识等方面发挥了重要作用。截至2025年11月末，系统已经收录 了8.1亿自然人的信贷信息。经当事人同意，日均对外提供查询服务达到2000万笔。 责任编辑：秦艺 ...

作为中国人民银行主管的国家重要金融基础设施，上海清算所立足服务央行履职、服务上海国际金 融中心建设的定位，积极发挥集中清算与登记托管"双支柱"业务协同发展优势，已初步建立起全面、完 整、高效的外汇市场清结算体系，形成包含人民币外汇中央对手清算、外币对中央对手清算、外汇双边 集中清算和外币回购清算"四个产品"，横跨人民币外汇市场、外币对市场和外币利率市场"三个市场"， 囊括中央对手清算和双边集中清算"两个模式"的外汇清算服务体系，助力我国外汇市场活力和韧性增 强。 近日，上海清算所举办外汇清算业务系列交流会，外汇自营清算会员代表出席会议。中国外汇交易 中心以及来自国有银行、股份制银行、外资银行和城商银行、农商银行等28家市场机构的40余位业务专 家参会。 会上，中国农业银行专家围绕近期汇率走势作了深入分析。上海清算所业务一部代表介绍了外汇清 算业务发展情况及结算敞口管理服务，并宣介了后续业务推进计划；上海清算所风险管理部代表就外汇 中央对手清算保证金冲抵相关内容进行了介绍，旨在进一步便利市场机构进行保证金资产灵活管理。在 交流讨论环节，与会机构就进一步优化外汇清算业务、完善市场机制等踊跃建言，对上海清算所外汇清 ...

Core Insights - Bank of China (Hong Kong) has become the first overseas clearing member of Shanghai Clearing House, successfully launching RMB interest rate swaps, standard bond forwards, and standard interest rate swap self-clearing services [1][2] - This initiative marks a historic step in the internationalization process of Shanghai Clearing House, enhancing the offshore RMB market and providing more risk hedging tools for overseas institutions [2][3] Group 1 - The introduction of overseas clearing members for interest rate derivatives self-clearing is a significant milestone for Shanghai Clearing House [2] - The initiative aims to create a new offshore RMB asset pool and leverage Bank of China (Hong Kong)'s strategic advantages as a global custodian and RMB clearing bank [2] - The new model allows direct trading and clearing, enabling overseas institutions to manage interest rate risks effectively [1][2] Group 2 - Shanghai Clearing House plans to accelerate its international development and expand its network of overseas clearing members [3] - The goal is to establish itself as a key hub for connecting to international financial markets during the 14th Five-Year Plan period [3] - This initiative is expected to enhance the competitiveness and influence of Shanghai as an international financial center [3]

Core Viewpoint - The Central Securities Depository and Clearing Company (CSDCC) is enhancing its role in the Guangdong-Hong Kong-Macao Greater Bay Area by establishing a Shenzhen branch, focusing on bond market services and green finance innovation [1][2]. Group 1: Company Functions and Strategies - CSDCC plays a crucial role in supporting the development of the Greater Bay Area's bond market, including participation in the initial operations of the Macau Central Securities Custody and Clearing Institution [2]. - The company has established a financial technology innovation center and successfully completed a national blockchain innovation application pilot project, facilitating the issuance of digital bonds [2][3]. - CSDCC provides comprehensive lifecycle services for local government bonds, supporting the issuance of 13 trillion yuan in local bonds across South China and Southwest regions [3]. Group 2: Green Finance Initiatives - During the 14th Five-Year Plan period, CSDCC established a green finance innovation center in Shenzhen, focusing on developing green financial products and creating a green bond database, which is the first of its kind globally [4]. - The company has led the release of the first local standard for financial institutions' green investment and financing environmental information disclosure requirements [4]. Group 3: Support for Private Enterprises - CSDCC has developed a high-yield bond market construction plan tailored to the financing characteristics of private enterprises, particularly in the technology sector, which has received recognition from the Shenzhen Financial Society [5][6]. - The company has explored financial technology solutions to address the information asymmetry in bond financing for private enterprises, earning accolades for its research outcomes [7]. Group 4: Cross-Border Financial Cooperation - CSDCC collaborated on a study regarding the development of the Asian offshore technology innovation bond market, which received approval from regulatory authorities [8].

Core Insights - The Central Securities Depository Company successfully held an online meeting for foreign central bank institutions, focusing on deepening cooperation and building a new ecosystem for the RMB bond market [1] - The meeting included representatives from nearly 30 foreign central bank institutions, discussing investment opportunities and market collaboration [1] Group 1: Market Participation - As of September 2025, 1,176 foreign institutions have entered the interbank bond market, with foreign central bank institutions being the main participants [1] - Foreign central bank institutions adhere to a long-term investment philosophy, holding significant bond volumes and exhibiting stable investment behavior [1] Group 2: Service Optimization - The Central Securities Depository Company has implemented several measures to optimize market entry for foreign central bank institutions, including fee reductions and simplified account opening procedures [1] - These initiatives aim to create a more friendly and convenient investment environment for foreign central bank institutions [1] Group 3: Future Outlook - The Central Securities Depository Company plans to continue optimizing financial infrastructure services and actively build cross-border cooperation bridges under the guidance of regulatory authorities [2] - The goal is to support a higher level of openness in the Chinese bond market and foster a win-win ecosystem [2]

Core Viewpoint - The Central Securities Depository and Clearing Co., Ltd. successfully held an online meeting for foreign central bank institutions, focusing on deepening cooperation and building a new ecosystem for the RMB bond market [1] Group 1: Meeting Overview - The meeting took place on November 13 and was themed "Deepening Cooperation, Building a New Ecosystem for the RMB Bond Market" [1] - Experts from the Ministry of Finance, People's Bank of China Shanghai Headquarters, Bank for International Settlements, China Agricultural Development Bank, and China Foreign Exchange Trading Center participated in discussions [1] - Representatives from nearly 30 foreign central bank institutions attended to discuss investment opportunities and promote market cooperation [1] Group 2: Future Outlook - The Central Securities Depository and Clearing Co., Ltd. aims to continuously optimize financial infrastructure services under the guidance of regulatory authorities [1] - The company plans to actively build cross-border cooperation bridges to support the construction of an open and win-win ecosystem [1] - The goal is to assist in achieving a higher level of openness in the Chinese bond market [1]