据悉，本次业务采用了"直接交易+直接清算"模式，即中银香港在银行间本币交易平台达成的利率衍生 品交易，直接在上海清算所完成跨境清算结算，有助于提升跨境投资与风险管理效率。长期以来，作为 全球化程度最高的中资银行，中国银行充分发挥中银香港全球托管行和人民币清算行优势，统筹联动境 内外机构，有效依托香港离岸人民币业务枢纽地位，积极支持利率衍生品中央清算及金融互联互通各项 创新实践。 本报讯 记者赵萌报道 近日，中银香港成功于上海清算所直接参与利率衍生品集中清算，包括人民币利 率互换、标准债券远期及标准利率互换自营清算业务。 ...

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]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report presents a comprehensive overview of macro - economic data, commodity investment trends, financial news, and stock market conditions, offering insights into various sectors and potential investment opportunities and risks [1][2][32] Summary by Directory 1. Macro Data - In Q3 2025, GDP growth at constant prices was 4.8% year - on - year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year [1] - In October 2025, the manufacturing PMI was 49%, down from 49.8% in the previous month and 50.1% in the same period last year; the non - manufacturing PMI for business activities was 50.1%, up slightly from 50% in the previous month but down from 50.2% last year [1] - In October 2025, the month - on - month increase in social financing scale was 816.1 billion yuan, significantly lower than 3529.9 billion yuan in the previous month but higher than 1412 billion yuan last year [1] 2. Commodity Investment Comprehensive - Six departments jointly released a plan to enhance consumer goods supply - demand adaptability, aiming to optimize the supply structure by 2027, creating 3 trillion - level and 100 - billion - level consumption hotspots [2] - Platinum and palladium futures will be listed on the Guangzhou Futures Exchange on November 27, 2025, with specified contract listing benchmark prices [2] - Zhejiang Province issued a plan to build a commodity spot - futures integrated over - the - counter market, with goals set for 2027 and 2030 [3] - On November 26, 2025, 42 domestic commodity varieties had positive basis, and 28 had negative basis, with specific varieties showing different basis values [4] Metals - China has made breakthroughs in the extraction of rare metals such as gallium, germanium, and indium, improving recovery rates [6] - The China Non - Ferrous Metals Industry Association opposes zero or negative processing fees in the copper smelting industry and is taking measures to manage capacity [6] - On November 26, international precious metal futures generally rose, and LME metal inventories showed different trends [7] Coal, Coke, Steel, and Minerals - A gold deposit in Sichuan added 28.24 tons of gold resources, with a cumulative total of 81.06 tons [8] - Recently, coking coal and coke futures showed a weakening trend, with significant declines on November 26 [8][9] Energy and Chemicals - The UK government will not issue new licenses for oil and gas exploration, freeze the carbon price support, and set a new tax rate for oil and gas prices [10] - US EIA data showed an increase in crude oil inventories last week, a decrease in weekly crude oil exports, and changes in natural gas inventories and drilling numbers [10] Agricultural Products - The US Agriculture Minister said beef prices will take months to fall, and farmer relief funds will start to be distributed in early January [12][14] - South Korea's FLC is tendering to buy up to 138,000 metric tons of corn, and Turkey's TMO bought about 300,000 tons of Russian wheat [14] 3. Financial News Open Market - On November 26, the central bank conducted 213.3 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 97.2 billion yuan due to maturing reverse repurchases [15] Key News - Vanke experienced a "double - kill" in stocks and bonds. Some of its bonds had significant price fluctuations, and a bond extension meeting will be held [16] - Six departments released a plan to boost consumer goods consumption, and the NDRC announced a credit repair management method [17] - The Fed's Beige Book showed that economic activity was generally flat, with some areas reporting a slight decline or growth [19] Bond Market - The Chinese bond market was under pressure, with rising yields on interest - rate bonds and falling bond futures. Vanke bonds had significant price swings [22] - European and US bond yields showed different trends, with European bond yields generally falling and US bond yields having mixed performance [26][27] Foreign Exchange Market - The on - shore RMB against the US dollar rose 136 points at the 16:30 close, and the RMB central parity rate against the US dollar rose 30 points [28] - The US dollar index fell 0.22% in New York trading, and most non - US currencies rose [29] Research Reports - Xingzheng Fixed - Income recommended focusing on certain regions' city and rural commercial banks' secondary capital bonds and perpetual bonds [30] - CITIC Securities suggested paying attention to convertible bond strategies related to non - call provisions and post - call rebounds [30] 4. Stock Market - The A - share market had a mixed performance, with the Shanghai Composite Index down 0.15%, the Shenzhen Component Index up 1.02%, and the ChiNext Index up 2.14%. Different sectors showed different trends [32] - The Hong Kong Hang Seng Index rose 0.13%, with Vanke Enterprises falling more than 6%. Southbound funds had net outflows, and some stocks had significant net buying or selling [32] - Southbound funds have been actively buying Hong Kong stocks this year, driving up the market's valuation [32]

Core Insights - The recent launch of standard bond forward and RMB interest rate swap centralized clearing business by Mengshang Bank and Hengtai Securities, supported by the People's Bank of China (PBOC) Inner Mongolia Branch, marks a significant step for local financial institutions in utilizing interest rate derivatives for risk management [1][2] Group 1: Business Development - The RMB interest rate swap centralized clearing business, introduced in 2014, allows for the clearing of fixed-to-floating interest rate swap transactions, covering benchmark rates such as FR007, Shibor O/N, Shibor 3M, and LPR 1Y, offering low counterparty risk and high liquidity [1] - Since 2025, the nominal principal of RMB interest rate derivatives cleared by the Shanghai Clearing House has exceeded 50 trillion yuan, reflecting a nearly 70% year-on-year growth, with participation from various market entities including banks, securities firms, and insurance companies [1] Group 2: Regulatory Support and Market Development - The PBOC Inner Mongolia Branch has collaborated closely with the Shanghai Clearing House to enhance the use of basic derivatives for effective interest rate risk management, providing comprehensive policy guidance and support to local institutions [2] - The Shanghai Clearing House aims to deepen collaboration with the PBOC branches, enhance market cultivation, optimize business mechanisms, and improve service quality to facilitate the high-quality development of the interbank RMB derivatives market [2]

Core Insights - The "Swap Connect" mechanism is being optimized to enhance the interconnectivity of the interest rate swap market between mainland China and Hong Kong, which is a significant step in China's financial market opening [1][2]. Group 1: Mechanism Optimization - The daily net limit for interest rate swaps will be increased from 20 billion to 45 billion yuan starting October 13, 2025, allowing greater participation from foreign investors and improving the attractiveness of RMB assets [1]. - A dynamic assessment mechanism for daily net limits will be implemented to adjust quota allocations based on market supply and demand, preventing trading interruptions due to insufficient quotas [1][3]. - The introduction of a dynamic adjustment mechanism for market makers will enhance pricing efficiency and reduce the market influence of any single institution, leading to fairer and more transparent pricing [3]. Group 2: Market Participation and Growth - Since its launch on May 15, 2023, "Swap Connect" has seen a steady increase in transaction volume and the number of participating investors, with 82 foreign investors from 15 countries and regions engaging in over 15,000 RMB interest rate swap transactions totaling a nominal principal of 8.15 trillion yuan by August 2025 [2]. - The increase in the daily net limit to 45 billion yuan is expected to meet the growing demand from foreign investors for RMB interest rate risk hedging, thereby enhancing market liquidity [1][2]. Group 3: Future Directions - Future optimization directions for the "Swap Connect" mechanism include expanding the variety of products offered, improving cross-border collaboration efficiency, and refining the evaluation standards for market makers [3][4].

Core Insights - The "Swap Connect" mechanism allows domestic and foreign investors to connect through Hong Kong and mainland infrastructure institutions, facilitating participation in both Hong Kong and mainland financial derivative markets [1][3] - Recent optimization measures for "Swap Connect" aim to enhance market vitality and better meet the demand of foreign investors for managing RMB interest rate risks [1][4] Group 1 - "Swap Connect" provides foreign investors with a convenient tool for managing interest rate risks, reducing the impact of interest rate fluctuations on the value of their bond holdings [3] - Since its launch on May 15, 2023, "Swap Connect" has facilitated over 15,000 RMB interest rate swap transactions with a nominal principal of 8.15 trillion yuan from 82 foreign investors across 15 countries and regions by the end of August 2025 [3] - The optimization measures include establishing a dynamic adjustment mechanism for "Swap Connect" quote providers and expanding the pool of quote providers [4] Group 2 - A daily net limit dynamic assessment mechanism will be improved, with the daily net limit set to increase to 45 billion yuan starting from October 13, 2025 [4]

Market Insights - The China Foreign Exchange Trading Center will optimize the "Swap Connect" operational mechanism by establishing a dynamic adjustment mechanism for quote providers and expanding the pool of quote providers. Additionally, the daily net limit will be raised to 45 billion RMB starting October 13. As of the end of August, 82 overseas investors from 15 countries and regions have completed over 15,000 RMB interest rate swap transactions with a nominal principal of 8.15 trillion RMB [1] - The International Financial Association reported that the global debt reached a historical high of 337.7 trillion USD by the end of the second quarter. Emerging market debt increased by 3.4 trillion USD to over 109 trillion USD, also a record high. The repayment scale for bonds and loans in emerging markets is expected to reach nearly 3.2 trillion USD for the remainder of the year, marking a historical peak [1] - Nine major European banks, including ING and UniCredit, announced plans to establish a new company to launch a euro-denominated stablecoin, aiming to create a European alternative to the currently US-dominated stablecoin market [1] Economic Indicators - The final annualized GDP growth rate for the US in the second quarter was revised up to 3.8%, significantly higher than the previous estimate of 3.3%, marking the fastest growth in nearly two years. Real personal consumption expenditures increased by 2.5%, and final sales rose by 7.5% [3] - The final PCE price index for the US in the second quarter increased by 2.1% quarter-on-quarter and year-on-year, while the core PCE price index rose by 2.6% quarter-on-quarter and 2.7% year-on-year [3] - Initial jobless claims in the US decreased by 14,000 to 218,000, the lowest level since mid-July, and significantly below the market expectation of 235,000 [3] Durable Goods and Housing Market - In August, US durable goods orders increased by 2.9% month-on-month, with July's final value revised to -2.7%. Excluding defense orders, the increase was 1.9%, and excluding transportation orders, the increase was 0.4% [4] - Seasonally adjusted, US existing home sales in August slightly decreased by 0.2% from July to an annualized rate of 4 million units, with the median home price rising by 2% year-on-year to 422,600 USD, marking the 26th consecutive month of year-on-year increases [4] Global Market Dynamics - The Dow Jones Industrial Average fell by 0.38% to 45,947.32 points, the S&P 500 dropped by 0.5% to 6,604.72 points, and the Nasdaq Composite decreased by 0.5% to 22,384.7 points [5] - COMEX gold futures rose by 0.33% to 3,780.5 USD per ounce, while COMEX silver futures increased by 2.89% to 45.47 USD per ounce [5] - US oil futures rose by 0.35% to 65.22 USD per barrel, and Brent crude oil futures increased by 0.5% to 68.8 USD per barrel [5] - The 2-year US Treasury yield rose by 4.50 basis points to 3.653%, while the 10-year yield increased by 1.93 basis points to 4.168% [5] - The US dollar index increased by 0.60% to 98.47, with the euro and pound both declining against the dollar [5]

Group 1 - The core viewpoint of the news is the launch of the "Swap Connect," which will facilitate the interconnection of the interest rate swap markets between Hong Kong and mainland China, marking a significant step in the opening of the domestic interbank interest rate derivatives market [1][2][5] - The "Swap Connect" will start in six months, initially opening the "Northbound" channel, with plans to explore the "Southbound" channel in the future [2][4] - The initiative aims to meet the demand for interest rate risk management from investors and enhance international investors' participation in the mainland bond market [2][3] Group 2 - The "Swap Connect" is designed to connect domestic and foreign investors through infrastructure in Hong Kong and mainland China, allowing participation in both financial derivatives markets [2][4] - The initial trading products under the "Swap Connect" will be interest rate swap products, with other varieties to be opened based on market conditions [4] - The transaction volume of RMB interest rate swaps has been steadily increasing, with a total transaction volume of 21.1 trillion yuan in 2021, indicating a robust development of the market [4] Group 3 - The launch of the "Swap Connect" is seen as a significant event in the deepening financial cooperation between Hong Kong and mainland China, following previous initiatives like "Bond Connect" [5][6] - The People's Bank of China supports the construction and development of Hong Kong as an international financial center, viewing it as a crucial window for the opening of the mainland financial market [5][6] - The initiative is expected to enhance the quality of the financial derivatives market and promote the internationalization of the RMB [3][5]

Core Insights - The bond market is experiencing high volatility, with interest rate derivatives becoming essential tools for risk management [1] - Among various interest rate derivatives, interest rate swaps are favored for their ability to directly hedge interest rate risks and their broad applicability [1] Market Growth - The RMB interest rate swap market has shown significant activity in the first half of the year, with a total of 201,000 transactions, reflecting a 22.7% increase in daily average transactions [3] - The nominal principal amount reached 20.9 trillion yuan, with a daily average transaction of 174.51 billion yuan, marking a 28.9% increase [3] - The number of institutions registered for RMB interest rate swap business has exceeded 800, indicating a growing participation in the market [3] Risk Management Functionality - The tightening liquidity in the first quarter has led market participants to prioritize hedging strategies, especially as the bond market transitions from a bull market to increased volatility [4] - Financial institutions are increasingly utilizing interest rate swaps to mitigate investment volatility in a turbulent market environment [4] - The introduction of the "Northbound Swap Connect" 30-year contract provides overseas investors with long-term interest rate risk hedging tools, addressing the needs of pension funds, life insurance companies, and sovereign funds [4]

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].