Core Insights - The Shanghai Clearing House held its 2025 Risk Management Committee meeting, focusing on enhancing risk management and supporting the construction of the Shanghai International Financial Center [1] - The Chairman emphasized the importance of "risk prevention, strong regulation, and promoting high-quality development" as the main theme for current work [1] - The meeting included discussions on improving the risk management system and analyzing risks associated with overseas clearing members [1] Group 1 - The Shanghai Clearing House aims to serve the central bank and contribute to the high-quality development of financial services [1] - The meeting featured 12 internal committee members and 14 external experts, highlighting collaboration between academia and industry [1] - A proposal to establish specialized committees for financial derivatives and bulk commodity centralized clearing risk management was approved [1] Group 2 - The Shanghai Clearing House plans to build a safe and efficient financial infrastructure, leveraging the Risk Management Committee and its specialized committees [2] - The goal is to create a resilient and vibrant financial market, contributing to the construction of a strong financial nation [2]

Core Insights - The Shanghai Clearing House held a work meeting on January 8, 2026, to summarize its 2025 performance and outline goals for 2026, emphasizing the importance of adhering to the principles of Xi Jinping's thought and the directives from the 20th National Congress of the Communist Party [3][4]. Group 1: 2025 Performance Summary - In 2025, the total scale of centralized clearing business reached 819 trillion yuan, with central counterparty clearing business accounting for 272 trillion yuan, representing year-on-year growth of 13.6% and 29% respectively [4]. - By the end of 2025, the bond custody scale was 50 trillion yuan, reflecting a year-on-year increase of 12.6% [4]. Group 2: Strategic Goals for 2026 - The Shanghai Clearing House aims to enhance its financial infrastructure by focusing on risk awareness and bottom-line thinking, while promoting quality and efficiency in its operations [5]. - The organization plans to strengthen political leadership, improve service quality, and innovate in foreign exchange clearing products and services, while ensuring the safety and stability of its operations [5]. - There is a commitment to expand cross-border connectivity and enhance international cooperation, particularly in the areas of bond products and clearing services [5].

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes the strategic deployment for accelerating the construction of a financial power during the "14th Five-Year Plan" period, focusing on building safe and efficient financial infrastructure, with the Shanghai Clearing House playing a crucial role in this initiative [1]. Group 1: Importance of Central Counterparty Clearing - The establishment of a safe and efficient central counterparty clearing institution is vital for ensuring the stable operation and high-quality development of the financial market, serving as a historical mission to support the construction of a financial power [1]. - Central counterparties are essential for the modern financial system in China, acting as a key platform for financial policy transmission, resource allocation, and risk management [2]. - They play a critical role in macro-prudential management, helping to prevent and mitigate financial risks through effective risk management mechanisms [2]. Group 2: Achievements During the 14th Five-Year Plan - The Shanghai Clearing House has developed six major platforms, including the largest OTC foreign exchange clearing platform globally and a leading RMB asset allocation platform, significantly contributing to the high-quality development of the financial market [4]. - The scale of centralized clearing business increased from 417 trillion yuan in 2020 to 819 trillion yuan by 2025, with an average annual growth rate of approximately 14.4% [4]. - The bond custody increased from 24.5 trillion yuan to 49.9 trillion yuan, with an average annual growth rate of about 15.3% [4]. Group 3: Product Innovation and Risk Management - The Shanghai Clearing House has established a comprehensive central counterparty clearing service system covering five major categories, becoming a significant provider of financial products and services [5]. - It has developed innovative products in various fields, including foreign exchange, interest rates, and credit derivatives, enhancing market competitiveness [6]. - The risk management system has been recognized both domestically and internationally, successfully meeting the highest international standards and receiving cross-border regulatory certifications [6]. Group 4: Internationalization and Open Financial Market - The Shanghai Clearing House aims to create a "one-point access" hub for domestic and international financial markets, enhancing cross-border service chains through innovative products [7]. - It has established itself as a key player in international financial governance, with its standards being adopted by over 99% of mainstream peers globally [7]. - The focus on international cooperation and the Belt and Road Initiative aims to expand the depth and breadth of cross-border connectivity [8]. Group 5: Future Goals for the 15th Five-Year Plan - The Shanghai Clearing House plans to establish itself as the main registration and custody institution for overseas RMB bond assets, promoting the "Yulan Bond" model and expanding its international network [10]. - It aims to become a central counterparty for overseas RMB financial products, enhancing the supply of RMB clearing products and providing risk hedging tools for foreign investors [10]. - The goal is to become the primary centralized clearing institution for OTC bulk commodity trading, integrating various financial services to support the healthy development of the real economy [11].

Core Viewpoint - Shanghai Clearing House announced a phase-wise exemption of clearing fees for credit derivatives contracts in 2026 to reduce costs for market institutions and enhance financial services for the real economy [1] Group 1: Development of Credit Derivatives Market - The exemption period for clearing fees will be from January 1, 2026, to December 31, 2026, with further adjustments to be notified later [1] - The Shanghai Clearing House aims to innovate and develop credit derivatives clearing services, focusing on policy direction and market demand [1] Group 2: Functions of Credit Derivatives - Credit derivatives serve as important pricing and hedging tools, enhancing the efficiency of bond issuance and broadening financing channels for real enterprises [1] - They enable market institutions to manage credit risk exposure effectively, smooth credit spread fluctuations, and improve investment efficiency in sectors like technology and green bonds [1] - Credit derivatives can hedge against credit spread volatility, expanding trading demand and diversifying application scenarios [1] Group 3: Centralized Clearing Function - The Shanghai Clearing House aims to enhance its clearing services to support the real economy and mitigate financial risks [2] - It has expanded the central counterparty clearing to include 32 new quality production enterprises, providing services for 145 standardized CDS contracts linked to technology and green sectors [2] - The introduction of the first Sci-Tech CDS index will help market institutions manage credit risk and provide a pricing benchmark for credit risk in Sci-Tech enterprises [2] - The clearing house continues to diversify its clearing targets, covering various types of bonds to meet market demands [2] - A one-stop online service for the lifecycle of credit derivatives has been established, significantly improving clearing efficiency and market transparency [2] Group 4: Future Plans - The Shanghai Clearing House will continue to leverage its financial infrastructure advantages under the guidance of the People's Bank of China, enriching the product spectrum of credit derivatives [3] - It aims to enhance the risk management, credit enhancement, and price discovery functions of credit derivatives, effectively guiding financial resource allocation [3]

Core Insights - The Shanghai Clearing House held an interbank interest rate derivatives business exchange meeting, attended by over 30 experts from 21 market institutions, including state-owned banks, joint-stock banks, city commercial banks, foreign banks, securities companies, and asset management firms [1][3]. Group 1: Development and Operations - The Shanghai Clearing House reviewed the development and operational status of interbank interest rate derivatives clearing business, highlighting the expansion of derivatives targets, terms, and supporting mechanisms to enhance the risk management toolbox [2][4]. - New products launched include 3-year and 7-year National Development Bank standard bond forward physical settlement contracts and 1-year interbank certificate of deposit standard interest rate swap contracts, with the clearing term for interest rate swaps extended to a maximum of 30 years [2][4]. - The total volume of interbank interest rate derivatives clearing reached 52.5 trillion yuan as of November 2025, representing a year-on-year increase of 64.5% [2][4]. Group 2: Market Development and Internationalization - The Clearing House emphasized the importance of central counterparty clearing advantages and actively engaged in market cultivation to help various financial institutions strengthen their risk management [2][4]. - The "Swap Connect" initiative was introduced to expand the clearing of interest rate swaps linked to the Loan Prime Rate (LPR), with three new quoting firms added and Bank of China Hong Kong becoming the first overseas clearing member to directly engage in interbank interest rate derivatives business [2][4]. - Future business development will focus on enriching product supply, enhancing market cultivation, optimizing mechanisms and systems, and deepening international openness to strengthen the interbank bond and derivatives markets [2][4].

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]