八年前的今天，债券通"北向通"正式上线。经过八年的快速成长，债券通已经成为连接境内外金融市场 的重要桥梁，也是外资持续流入中国金融市场的重要渠道。 债券通有限公司发布的运行报告显示，今年5月份，债券通"北向通"累计成交9156亿元，日均成交482亿 元。与开通首月的日均成交15亿元相比，增长超31倍。截至今年5月末，通过债券通"北向通"入市投资 者达835家。 景顺董事总经理、亚太区固定收益主管黄嘉诚在接受《证券日报》记者采访时认为，这些数据表明，债 券通推动了外资持有中国债券的规模快速增长，促进了中国债券市场的国际化进程。从债券市场的深度 来看，债券通也推动了中国债券市场的多层次发展，促进了市场的创新和发展。 "北向通"日均成交增长超31倍 回望来路，2017年7月3日，债券通"北向通"正式启动，为全球投资者参与中国债券市场提供了更加便利 的通道。 彭博大中华区总裁汪大海对《证券日报》记者表示，未来随着债券通"南向通"合格境内投资者范围的扩 大，有望进一步助力投资机构优化资产配置，为香港债券市场引入更多增量资金，提升市场流动性，深 化境内外债券市场的互联互通。 2023年5月15日，内地与香港利率互换市场互 ...

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]

Core Viewpoint - The extension of the "Northbound Swap Connect" product contract period to 30 years fills a gap in ultra-long-term interest rate management tools in the market [1] Group 1 - The "Northbound Swap Connect" product will be launched on June 30, 2025, with a contract period extended to 30 years [1] - On the launch day, 25 domestic and foreign institutions participated, with a total of 56 transactions and a nominal principal scale of 1.53 billion RMB [1] - The infrastructure successfully organized the first day's trading and settlement, with normal and stable operation of the business and systems [1] Group 2 - To reduce participation costs for institutions, the Foreign Exchange Trading Center and Shanghai Clearing House will waive the trading and clearing fees for the "Northbound Swap Connect" for one year [1] - The interbank market will also extend the centralized clearing contract period, considering the linkage effects between domestic and foreign markets [1]

Core Viewpoint - The Shanghai Clearing House, in collaboration with the China Foreign Exchange Trade System and Hong Kong OTC Clearing Limited, will extend the "Northbound Swap Connect" product contract period to 30 years, effective June 30, 2025, to better meet the trading needs of foreign institutional investors [1][3]. Group 1: Contract Extension - The "Northbound Swap Connect" product contract period will be extended to a maximum remaining term of 30 years for FR007 and Shibor_3M interest rate swap contracts, allowing for centralized clearing [3]. - The extension aims to support the risk management needs of domestic quote providers and enhance the linkage between domestic and foreign markets [3]. Group 2: Fee Waiver - The Shanghai Clearing House will continue to fully waive clearing fees for domestic institutions engaging in interest rate swap contracts through the "Northbound Swap Connect," with the waiver extended for an additional year [4]. Group 3: System Optimization - The clearing system will be updated to include features such as bond flow bookkeeping, centralized clearing contract duration batch queries, and "Swap Connect" limit monitoring [3]. - The Shanghai Clearing House will provide unified access to the new version of the system for clearing members, allowing administrators to configure permissions for other operators [5].