近年来，银行间人民币衍生品市场快速发展，产品序列持续丰富，市场规模和参与机构持续增长，在服 务市场风险管理、促进债券市场合理定价等方面发挥着越来越重要的作用。作为银行间市场唯一的中央 对手清算机构和中国首家监管机构认定的合格中央对手方，上海清算所在中国人民银行的指导下，积极 发挥基础设施专业优势和桥梁纽带作用，与中国人民银行系统建立政策落实协同机制，共同推动银行间 人民币衍生品市场高质量发展。 本报讯 记者张弛报道 为进一步加强银行间衍生品市场培育，推动金融机构合理利用人民币衍生品管理 风险，近日，上海清算所联合中国人民银行天津市分行在天津共同举办环京津冀区域银行间人民币衍生 品业务发展交流会。 本次会议聚焦银行间人民币衍生品市场发展，旨在促进区域内金融机构使用人民币衍生品管理利率及信 用风险。会上，交易商协会、外汇交易中心和上海清算所分别从自律组织和金融基础设施的角度，就信 用衍生品发展及衍生品标准协议文本、利率衍生品及利率风险管理、人民币衍生品中央对手清算机制及 业务实务进行介绍。交通银行和招商银行作为活跃市场机构代表，围绕信用风险缓释工具打通企业融资 通道、利率衍生工具助力利率风险管理多目标平衡的主题开 ...

Core Insights - There is a rising demand for foreign exchange derivatives that bypass the US dollar, driven by trade tensions and a long-term trend towards de-dollarization [1][4][5] - Financial institutions are increasingly receiving requests for hedging transactions involving currencies like the Chinese yuan, Hong Kong dollar, UAE dirham, and euro [1][4] - The trend of de-dollarization is accelerating, with more companies and investors seeking alternatives to the dollar as a global reserve currency [4][5] Group 1: Demand for Non-Dollar Transactions - Financial institutions report a growing number of requests for transactions that avoid the dollar, particularly in regions with increasing commercial ties, such as between China, Indonesia, and the Gulf [4][5] - A Singapore-based commodity trading company noted that European financial institutions are launching more yuan derivatives that exclude the dollar [4] - The establishment of a dedicated team by a foreign bank in Indonesia to facilitate transactions in the Indonesian rupiah against the yuan indicates a shift towards non-dollar hedging [4] Group 2: Structural Changes in Dollar Usage - The dollar's role in global trade is being eroded, with estimates suggesting that transactions using the dollar as an intermediary account for about 13% of its daily volume [5][6] - The rise of the yuan in international transactions is supported by China's efforts to promote its currency through bilateral agreements with countries like Brazil and Indonesia [5][6] - The global payment company Swift reported that the yuan accounted for approximately 4.1% of global payments in March, while the dollar held a dominant 49% [7] Group 3: Cost and Liquidity Considerations - Although hedging based on the yuan is often more expensive than dollar-based hedging, the lower interest rates on yuan-denominated loans may still make it attractive for borrowers [7] - The cost of hedging against the dollar has increased over the past year, indicating heightened demand for options to protect against dollar depreciation [8] - Analysts suggest that significant changes in the international environment are necessary for a true replacement of the dollar, but the risk of such a shift is growing [10]