债券市场持续高位震荡，利率衍生品正逐步成为投资者风险管理的核心工具。在众多利率衍生品中，利率互换凭借其直接对冲利率风险的能力和广泛的适用 性，已成为市场参与者的首选工具。这一场外交易协议允许交易双方在不交换本金的前提下，按照约定的名义本金互相支付不同类型的利息，最常见的形式 是固定利率与浮动利率之间的互换。 受一季度市场流动性偏紧且持续时间较长的影响，市场参与者更加重视套期保值策略。2025年上半年，债券市场告别了此前的单边牛市，波动幅度明显加 大。在此背景下，金融机构加大了利率互换工具的运用频率。利率互换这一在牛市中相对不显眼的风险管理工具，在震荡加剧的市场环境下有效缓解了投资 波动。 利率互换不仅服务于境内投资者，也通过"互换通"为境外投资者提供风险管理工具。6月27日，上海清算所公告称，于6月30日联合推出"北向互换通"30年期 合约，并在银行间市场同步延长集中清算合约期限。这一举措为海外投资者提供了超长期利率风险对冲工具，填补了境外机构管理长期债券利率敞口的空 白。 30年期合约的推出降低了养老金、寿险公司、主权基金等"耐心资本"的风险管理成本。同时有助于完善我国利率互换收益率曲线，提高定价合理性和流 ...

Overview of the Development of China's Interbank Interest Rate Derivatives Market - The article reviews the development of China's interbank interest rate derivatives market over the past twenty years, highlighting key characteristics such as the diversification of trading varieties, the increasing variety of market participants, the improvement of trading and clearing methods, the expansion of market boundaries, the diversification of application scenarios, steady progress in opening up, and the continuous enhancement of services to the real economy [1][2]. Historical Development of Interest Rate Derivatives Market 1. Initial Exploration Period (2005-2014) - The first RMB interest rate swap transaction occurred in October 2005, marking the official start of the market. By 2014, the trading volume surged from 30 billion yuan to 4 trillion yuan [2][4]. - Market participants were primarily financial institutions, with commercial banks focusing on hedging against interest rate risks [3]. 2. Accelerated Development Period (2014-2019) - In 2014, the Shanghai Clearing House began providing centralized clearing services for RMB interest rate swaps, significantly reducing counterparty credit risk and enhancing market liquidity. The trading volume reached 20 trillion yuan by 2018, five times the volume in 2014 [4][5]. 3. Maturing Period (2019-Present) - The market has seen a diversification of trading varieties and participants, with the introduction of LPR-linked interest rate swaps and standard interest rate swap services. The trading volume has consistently exceeded 30 trillion yuan annually in recent years [5][6][7]. Current Status of the Interest Rate Derivatives Market - The annual trading volume of interest rate derivatives has grown from 30 billion yuan to 30 trillion yuan over the past two decades, indicating high growth rates. However, the overall scale remains small compared to international markets, with significant potential for further development [10][11]. - The number of market participants has increased, but the market structure remains relatively flat, indicating a need for further diversification of participant types [11][12]. Recommendations for Market Development 1. Promote Market Segmentation and Market Maker System - Establishing a market maker system can enhance liquidity and risk management, allowing large financial institutions to act as a buffer during market volatility [13][14]. 2. Increase Market Varieties and Improve Yield Curve - Introducing interest rate futures and enhancing the accuracy of pricing for short-term interest rates can improve the effectiveness of hedging strategies [15]. 3. Improve Exit Mechanisms for Existing Transactions - Developing more flexible exit mechanisms for existing transactions can encourage participation and increase trading volumes [16]. Conclusion - Over the past twenty years, China's interbank interest rate derivatives market has matured significantly, with a diverse range of products and improved liquidity. The market is expected to continue evolving towards greater internationalization, diversification, and specialization, contributing to the overall development of China's financial market [17].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) highlights the significant growth and optimization of the Swap Connect since its launch in May 2023, with monthly transaction volumes increasing from 50 billion RMB to 380 billion RMB by May 2025, representing a 660% growth [1][2]. Group 1: Trading Scale and Growth - The Swap Connect officially launched on May 15, 2023, with only 22 offshore investors participating and a transaction volume of 50 billion RMB in the first month [2]. - By April 2025, the total value of onshore fixed-income products held by international investors reached 4.4 trillion RMB, a 10% increase from the previous year [2]. - As of the first quarter of 2025, the number of offshore investors participating in the Swap Connect exceeded 80, with a monthly transaction volume of 380 billion RMB in May 2025, far exceeding initial expectations [2][3]. Group 2: Market Optimization and Future Prospects - Since its inception, the Swap Connect has undergone continuous optimization, including the expansion of eligible collateral and the extension of the maximum remaining term for interest rate swap contracts from 10 years to 30 years [4]. - The HKEX anticipates further product expansions, including the introduction of interest rate swap contracts referencing the one-year Loan Prime Rate (LPR), aimed at enhancing the attractiveness of RMB-denominated assets for offshore investors [4][5]. - The Swap Connect has become the preferred tool for offshore investors to hedge interest rate risks, with a notable shift from the NDIRS (offshore RMB interest rate swap) market to the Swap Connect market [6][7]. Group 3: Infrastructure and Demand - The increasing interest from international investors in RMB interest rate swaps has led to a demand for improved infrastructure and product offerings within the Swap Connect [8]. - Recommendations include expanding transaction limits and diversifying product types to meet the growing needs of offshore investors [8].

Core Viewpoint - The Swap Connect has shown significant growth since its launch in May 2023, with monthly transaction volumes increasing from 50 billion RMB to 380 billion RMB by May 2025, reflecting a 660% growth and indicating strong demand from international investors for this investment channel [1][3]. Group 1: Transaction Growth - The Swap Connect officially launched on May 15, 2023, with only 22 offshore investors participating and a transaction volume of 50 billion RMB in its first month [2]. - By the first quarter of 2025, the number of offshore investors participating in the Swap Connect exceeded 80, with a monthly transaction volume reaching 380 billion RMB, significantly surpassing initial expectations [3]. - As of May 2025, the transaction volume of the Swap Connect accounted for approximately 8% of China's onshore interest rate swap market [4]. Group 2: Market Infrastructure and Optimization - Since its launch, the Swap Connect has undergone continuous optimization, including the expansion of eligible collateral and the extension of the maximum remaining term for interest rate swap contracts from 10 years to 30 years [6]. - The Swap Connect is seen as a breakthrough for offshore derivative markets, providing effective hedging tools for long-term investors and enhancing market price discovery [7]. - Future plans include expanding product types to include interest rate swap contracts based on the one-year Loan Prime Rate (LPR), aimed at providing better benchmarks for offshore investors [7]. Group 3: Risk Management and Investor Participation - The Swap Connect has become the preferred interest rate risk hedging tool for offshore investment institutions, with some investors shifting from the NDIRS market to the Swap Connect market [8]. - The narrowing of the NDD spread and improved market depth for RMB interest rate swaps are expected to attract more offshore investors to the Swap Connect, enhancing the market's activity and maturity [8]. - The collaboration between the Northbound Swap Connect and Shanghai Clearing House facilitates centralized clearing services, mitigating counterparty credit risks and promoting rapid transaction volume growth [8]. Group 4: Future Demand and Recommendations - As international investor interest in RMB interest rate swaps grows, there is an increasing demand for enhanced infrastructure and product offerings within the Swap Connect [9]. - Recommendations include expanding transaction limits and diversifying product types to meet the rising needs of offshore investors, as well as optimizing contract compression services and removing single transaction volume limits [9].

新华财经北京4月24日电（王菁）日前，为配合国泰君安证券和海通证券合并重组安排，上海清算所顺 利完成两家机构人民币利率互换集中清算业务存续期合约的合并，全力保障其银行间利率衍生品头寸平 稳整合。 据相关负责人介绍，这是上海清算所全力支持国泰海通证券合并整合工作，完成了目前为止银行间市场 最大规模的衍生品存续期合约合并。此前，上海清算所第一时间会同各方组建工作组，2周内研究形成 衍生品头寸合并方案并通过技术、业务测试验证，4天内完成有关内部处理流程，在两家机构重组更名 上市1周内，即实现其银行间利率衍生品近3000笔集中清算合约、数千亿元头寸的合并，顺利完成相关 盯市损益调整、利息计算、风险资源转移和资金结算路径切换等工作，且该过程未对市场其他清算成员 产生影响。 （文章来源：新华财经） 自2014年起，上海清算所陆续推出人民币利率互换、标准利率互换、标准债券远期等系列衍生产品，涵 盖FR007、SHIBOR、LPR、PrimeNCD、政策性金融债等多种挂钩标的，并同步提供债券冲抵保证金、 合约压缩、合约转移等增值服务，有效满足各类市场主体多样化的风险管理需求，持续降低机构参与成 本，提升清算效率。 2024年 ...