"北向互换通"再次扩容。 自2023年5月15日上线以来，"互换通"持续平稳运行，交易日趋活跃，已成为境外机构投资者管理人民 币利率风险的重要渠道。截至2025年8月底，已有来自15个国家和地区的境外银行、证券公司、资产管 理机构等82家境外金融机构累计达成人民币利率互换交易1.5万余笔、合计名义本金约8.15万亿元人民 币。 香港交易所介绍，未来，三方基础设施将继续在两地监管机构指导下，与所有市场参与者紧密合作，不 断丰富"互换通"产品，完善风险管理框架，推动内地与香港金融市场共同发展，助力中国金融市场高水 平对外开放。 此外，从9月22日起，香港场外结算将现有的人民币不交收利率掉期（CNY NDIRS）合约的最长期限从 5.5年延长至11年，以方便境外投资者更好地管理利率风险。 9月22日，在两地监管机构的指导与支持下，香港交易及结算所有限公司（以下简称"香港交易所"）旗 下的香港场外结算有限公司（以下简称"香港场外结算"）与中国外汇交易中心（以下简称"外汇交易中 心"）和银行间市场清算所股份有限公司（以下简称"上海清算所"），联手在"北向互换通"下增加以一 年期贷款市场报价利率（LPR1Y）为参考利率的 ...

Core Viewpoint - The expansion of the "Northbound Swap Connect" aims to enhance risk management tools for overseas investors and promote the internationalization of the Renminbi [1][2]. Group 1: Expansion of Northbound Swap Connect - On September 22, the Hong Kong Stock Exchange, in collaboration with the China Foreign Exchange Trade System and the Shanghai Clearing House, introduced interest rate swap contracts based on the one-year Loan Prime Rate (LPR1Y) under the "Northbound Swap Connect" [1]. - On the launch day, 31 domestic and foreign institutions participated, with a total of 53 transactions and a nominal principal amount of 6.46 billion RMB [1]. Group 2: Market Activity and Future Developments - Since its launch on May 15, 2023, the "Swap Connect" has been operating smoothly, with increasing trading activity, becoming a key channel for overseas institutions to manage Renminbi interest rate risks [2]. - As of August 2025, 82 foreign financial institutions from 15 countries and regions have completed over 15,000 Renminbi interest rate swap transactions, totaling approximately 8.15 trillion RMB in nominal principal [2]. - Starting September 22, the maximum term for existing Renminbi non-deliverable interest rate swap (CNY NDIRS) contracts has been extended from 5.5 years to 11 years to better assist overseas investors in managing interest rate risks [2].

新华财经北京9月22日电（王菁）债券通公司22日发布的8月运行报告显示，债券通北向通当月成交7501 亿元人民币，月度日均成交357亿元人民币。其中，国债和政策性金融债交易最活跃，分别占月度交易 量的38%和41%。 据悉，ePrime当月支持了20笔境外债券发行，总规模为251.53亿元人民币，承销商包括农银国际、中国 银行、中信银行（国际）、银河国际等。 北向互换通方面，8月共达成交易793笔，总计4196.81亿元人民币；截至8月末，累计入市境外机构82 家。 （文章来源：新华财经） ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has introduced a new interest rate swap contract based on the one-year Loan Prime Rate (LPR1Y) under the "Northbound Swap Connect" to meet the diverse needs of overseas investors [2][4]. Group 1: New Financial Instruments - The HKEX, in collaboration with the China Foreign Exchange Trade System and the Shanghai Clearing House, has launched the LPR1Y interest rate swap contract to enhance risk management tools for foreign investors [4]. - On the launch day, 31 domestic and foreign institutions participated, with a total of 53 transactions amounting to RMB 6.46 billion [4]. Group 2: Enhancing Risk Management - The introduction of LPR interest rate swaps will enrich the risk management tools available to overseas investors, addressing their diverse interest rate risk management needs and aiding in the internationalization of the RMB [5]. - The existing non-deliverable interest rate swap (CNY NDIRS) contract's maximum term has been extended from 5.5 years to 11 years to better assist foreign investors in managing interest rate risks [7]. Group 3: Operational Performance - Since its launch on May 15, 2023, the "Swap Connect" has been operating smoothly, becoming an important channel for foreign institutional investors to manage RMB interest rate risks [7]. - As of August 2025, 82 foreign financial institutions from 15 countries and regions have conducted over 15,000 RMB interest rate swap transactions, totaling approximately RMB 8.15 trillion in nominal principal [7].

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) has introduced a new interest rate swap contract based on the one-year Loan Prime Rate (LPR1Y) under the "Northbound Swap Connect" to meet the diverse needs of overseas investors [1][2][3] Group 1: New Financial Instruments - The introduction of LPR1Y-based interest rate swaps aims to enhance the risk management tools available to overseas investors, addressing previous concerns about the lack of liquidity and risk management options in Chinese government bonds [2][3] - On the launch day, 31 domestic and foreign institutions participated, executing 53 trades with a total nominal principal amount of RMB 6.46 billion [2] Group 2: Operational Stability - Since its launch on May 15, 2023, the "Swap Connect" has been operating smoothly, becoming an important channel for overseas institutions to manage RMB interest rate risks [4] - As of August 2025, 82 overseas financial institutions from 15 countries and regions have conducted over 15,000 RMB interest rate swap transactions, totaling approximately RMB 8.15 trillion in nominal principal [4] Group 3: Future Developments - HKEX plans to continue collaborating with regulatory bodies and market participants to enrich the "Swap Connect" product offerings and improve the risk management framework [4] - The maximum term for the existing CNY Non-Deliverable Interest Rate Swap (CNY NDIRS) contracts has been extended from 5.5 years to 11 years to better assist overseas investors in managing interest rate risks [4]

Core Viewpoint - The introduction of interest rate swap contracts based on the one-year Loan Prime Rate (LPR1Y) under the "Northbound Swap Connect" aims to enhance risk management tools for overseas investors and meet their diverse interest rate risk management needs [1][2]. Group 1: Market Development - Since its launch on May 15, 2023, the "Swap Connect" has been operating smoothly, becoming an important channel for overseas institutional investors to manage RMB interest rate risk [2]. - As of the end of August 2025, 82 overseas financial institutions from 15 countries and regions have conducted over 15,000 RMB interest rate swap transactions, totaling a nominal principal of approximately 8.15 trillion RMB [2]. Group 2: Infrastructure and Operations - The collaboration between the China Foreign Exchange Trading Center, Shanghai Clearing House, and Hong Kong's OTC Clearing Limited has facilitated the seamless execution and clearing of transactions under the "Northbound Swap Connect" [1][2]. - The dual Central Counterparty (CCP) interconnection and single resource pool arrangement have reduced participation complexity for domestic and foreign investors while effectively managing systemic risks [2]. Group 3: Future Outlook - The three-party infrastructure will continue to work closely with market participants under the guidance of regulatory authorities to enrich "Swap Connect" products and enhance the risk management framework [3].

Group 1 - The Bond Connect Company reported a total transaction volume of 957.6 billion RMB for July, with an average daily transaction of 41.6 billion RMB [1] - Policy financial bonds and government bonds were the most active, accounting for 51% and 34% of the monthly transaction volume, respectively [1] - ePrime supported 25 offshore bond issuances in July, with a total scale of 28.822 billion RMB, involving underwriters such as Bank of China, CITIC Bank (International), and China Construction Bank (Asia) [1] Group 2 - In the Northbound Swap Connect, there were 1,101 transactions in July, totaling 563.046 billion RMB [1] - As of the end of July, a total of 82 foreign institutions had entered the market [1]

Core Insights - The launch of the "Northbound Swap Connect" long-term interest rate swap contracts on June 30 is seen as a significant step in meeting the long-term interest rate risk management needs of foreign investors and enhancing the openness of China's financial market [1][4] Group 1: Market Participation and Initial Performance - On the first day of trading, 25 domestic and foreign institutions participated, with a total of 56 transactions and a nominal principal amount of 1.53 billion yuan [1] - The successful organization of the first day's trading and settlement indicates smooth operation of the business and systems [1] Group 2: Demand for Long-term Derivatives - The demand for long-term government bonds has increased among foreign investors, with holdings of 30-year government bonds exceeding 100 billion yuan [2] - The introduction of the 30-year interest rate swap contract is expected to enhance the depth and breadth of the domestic and foreign interest rate derivatives market [2][3] Group 3: Benefits of the New Product - The new contracts will improve the yield curve and fill the gap in long-term interest rate management tools, providing precise duration matching for long-term funds like insurance and pensions [3] - The introduction of these products is anticipated to reduce irrational selling behavior in the market, thereby enhancing financial market stability and boosting foreign investor confidence [3] Group 4: Financial Market Connectivity - The "Northbound Swap Connect" has become a major channel for foreign investors to manage interest rate risks associated with RMB assets, with cumulative trading and clearing reaching 7.16 trillion yuan by June 2025 [4] - The initiative is supported by regulatory bodies in both regions, which have optimized business operations to facilitate cross-border trading [4][5] Group 5: Future Developments - The expansion of LPR-based interest rate swap contracts will further diversify the product offerings available to foreign investors, catering to various risk management needs [6]

Core Insights - The Bond Connect "Northbound" program has significantly grown since its launch eight years ago, becoming a crucial channel for foreign investment in China's financial market [1][2][3] - As of May 2023, the average daily trading volume of the "Northbound" program reached 48.2 billion yuan, a more than 31-fold increase from the initial 1.5 billion yuan in its first month [2][3] - The program has facilitated the entry of 835 foreign investors into the market, contributing to the rapid growth of foreign holdings in Chinese bonds [1][3] Bond Connect Development - The "Northbound" program was launched on July 3, 2017, providing a convenient access point for global investors to participate in the Chinese bond market [2] - The trading activity on the first day was robust, with 19 quoting institutions and 70 foreign institutions completing 142 transactions worth 7.048 billion yuan [2] - The program has become a vital channel for foreign investors, with the total amount of RMB bonds held by foreign investors continuously increasing [2][3] Market Impact - As of May 2025, foreign institutions held 4.35 trillion yuan in the interbank bond market, accounting for approximately 2.6% of the total custody volume [3] - The introduction of the "Bond Connect" has enhanced market liquidity and reduced financing costs for Chinese enterprises [3] - The program has also solidified Hong Kong's status as a financial hub, increasing its role in the global financial system [3] Expansion of Connectivity - In addition to the "Northbound" program, the "Southbound" program was launched on September 24, 2021, allowing domestic investors to access overseas assets [4] - As of May 2023, the "Southbound" program has seen significant growth, with 918 bonds and a custody balance of 532.94 billion yuan [4] - Future expansions of the "Southbound" program are expected to enhance asset allocation for investment institutions and increase market liquidity [4] Derivative Market Development - The "Northbound Swap Connect" was launched on May 15, 2023, allowing foreign investors to participate in the onshore financial derivatives market [5] - By June 2025, the "Northbound Swap Connect" had accumulated a trading volume of 7.16 trillion yuan, becoming a primary channel for managing RMB asset interest rate risks [5] Future Outlook - The outlook for China's bond market remains promising, with ongoing efforts to enhance openness and improve the investment environment [6][7] - Since 2019, Chinese bonds have been included in major international bond indices, with increasing weightings, indicating growing global interest [6] - The current foreign ownership of Chinese bonds is relatively low at 2.4%, suggesting significant room for growth in foreign investment [6][7]

Group 1 - The core viewpoint of the news is the extension of the "Northbound Swap Connect" product contract period to 30 years, enhancing the interconnectivity of the domestic and foreign interest rate derivatives market [1] - On the launch day of the optimization measures, 25 domestic and foreign institutions actively participated in transactions of over 10 years RMB interest rate swaps, with a total trading volume of 1.53 billion RMB [1] - The optimization will improve the yield curve, fill the gap for ultra-long-term interest rate management tools, and enhance the diversity of cross-border investment strategies [1] Group 2 - Since its launch in May 2023, the "Northbound Swap Connect" has seen increasing trading activity, with a cumulative transaction volume of 7.16 trillion RMB by June 2025, attracting 82 foreign institutions [2] - The "Northbound Swap Connect" has become a primary channel for foreign investors to manage RMB asset interest rate risks, continuously attracting more foreign capital to increase holdings in Chinese market bonds [2] - Future plans include enriching the product types of the "Swap Connect" and improving the risk management framework to promote the joint development of the financial markets in mainland China and Hong Kong [2]