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。 ...

Core Insights - The "Bond Connect" program, particularly the "Northbound" channel, has significantly enhanced the accessibility of China's interbank bond market for foreign investors, marking its eighth anniversary on July 3, 2025 [1][2][3] Market Growth and Participation - The trading volume of the "Northbound" channel reached 915.6 billion RMB in May 2025, a 12.79-fold increase compared to May 2018, with an average daily trading volume of 48.2 billion RMB [3] - As of May 2025, there were 835 market participants in the "Northbound" channel, more than double the 315 participants in May 2018 [3] - The total scale of China's bond market has reached 183 trillion RMB, making it the second largest in the world [6][7] Structural Changes and Innovations - The "Northbound" channel has seen a diversification of participants, expanding from primarily asset management investors to include sovereign institutions and commercial banks [4] - Various innovations have been introduced, such as the "Swap Connect" and enhancements in risk management tools, which have improved the trading ecosystem for foreign investors [5][6] Internationalization of RMB Assets - The "Bond Connect" has become a crucial channel for foreign investors to allocate RMB assets, contributing to the internationalization of the RMB [3][4] - As of May 2025, foreign institutions held 4.35 trillion RMB in interbank market bonds, accounting for 2.6% of the total custodial volume [7] Future Outlook - There is an expectation for further product diversification within the "Northbound" channel, including bond forwards and total return swaps, which could enhance foreign participation in China's interest rate products [5][6] - The ongoing development of the "Southbound" channel is anticipated to bring additional liquidity to the Hong Kong bond market and deepen the connectivity between domestic and international bond markets [8]

Core Insights - The "Swap Connect" initiative has seen significant growth in the Renminbi interest rate swap market since its launch, with over 12,000 transactions completed by the end of April 2025 [1] Group 1 - The "Swap Connect" program facilitates interconnectivity between the mainland and Hong Kong interest rate swap markets [1] - The volume of transactions has been consistently increasing since the program's inception [1]