这份合作备忘录标志着迅清结算在推动中国债券成为国际市场上广泛接纳的合资格抵押品进程中迈出了 重要一步。这进展是建基于迅清结算与香港金管局此前所推行的一系列举措。2024年2月，金管局将在 岸国债和政策性金融债纳入其人民币流动资金安排的合资格抵押品范围。自2025年1月起，国际投资者 持有的这些债券被批准作为于香港场外结算有限公司(场外结算公司)进行结算的"互换通"交易的履约抵 押品。2025年3月，这些债券作为履约抵押品的适用范围进一步扩大至包括场外结算公司所有其他衍生 品交易。2025年2月，迅清结算推出为境外投资者通过债券通持仓的中国内地债券在香港进行三方回购 交易。 服务预计将于2026年上半年推出，具体时间取决于监管机构的批准。 智通财经APP获悉，由香港外汇基金全资拥有的市场基建营运者迅清结算有限公司(迅清结算)与伦敦证 券交易所集团旗下公司伦敦清算所有限公司(伦敦清算所)，于今日(6月9日)在香港签署合作备忘录，共 同支持利用香港支付系统基建来发展以离岸人民币及其他适用货币计价的衍生品清算及结算方案。根据 合作备忘录内容，双方亦承诺将合作推动接纳托管于香港中央证券托管平台基建的离岸人民币国债为伦 ...

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]