中国外汇交易中心（以下简称"交易中心"）最新发布的数据显示，2025年7月，资金面整体均衡偏 松，货币市场交易量增加、余额减少，主要回购利率多数下行；"反内卷"政策提振风险偏好，债券发行 及交易环比减少，国债收益率整体上行，曲线走陡；利率互换曲线短下长上、结束倒挂，成交环比有所 增长。从成交量来看，7月份，银行间市场交易活跃，当月成交231.7万亿元，环比增长12.7%，同比增 长15.7%。 央行在2025年第二季度中国货币政策执行报告中明确指出，下一阶段，货币政策主要思路包括"落 实落细适度宽松的货币政策""保持流动性充裕，使社会融资规模、货币供应量增长同经济增长、价格总 水平预期目标相匹配，持续营造适宜的金融环境"等。中泰证券银行业首席分析师戴志峰认为，后续货 币政策或更重视政策执行与落地。 主要回购利率多数下行 7月份，买断式逆回购和中期借贷便利（MLF）均增量续作，公开市场操作（OMO）跨月投放超 2.3万亿元，较上月明显增加，全月公开市场整体净投放4680亿元。 具体来看，数据显示，7月份，央行MLF提量续作4000亿元、净投放1000亿元；买断式逆回购投放 14000亿元、净投放2000亿元；逆 ...

Core Viewpoint - The report indicates a decrease in the interbank currency market's trading volume and balance in the first half of 2025, with rising repo rates and a reduction in the average net lending balance of large commercial banks. However, bond issuance and net financing reached new highs, with an increase in bond trading and a flattening of the yield curve for government bonds [1]. Group 1: Currency Market Performance - The total trading volume in the currency market for the first half of the year was 78.62 trillion yuan, a decrease of 16.1% compared to the previous period, with an average daily transaction of 6.6 trillion yuan, down 10.5% [2][4]. - The average daily balance in the currency market decreased by 4%, with large commercial banks' average net lending balance dropping by 13%, while money market funds saw a 6% increase in their average net lending balance [6][8]. Group 2: Monetary Policy and Interest Rates - The central bank implemented a moderately loose monetary policy, leading to an overall increase in funding rates and greater volatility. The net injection of liquidity through various tools amounted to 36.863 trillion yuan in the first half of the year [4][5]. - The weighted average of DR001 and R001 increased by 5 basis points to 1.62% and 1.73%, respectively, while DR007 saw a slight increase of 4 basis points to 1.78% [5]. Group 3: Bond Market Developments - A total of 27.1 trillion yuan in bonds were issued in the first half of the year, marking a 3.8% increase from the previous period and a 24.1% year-on-year increase. Net financing reached 10.5 trillion yuan, up 3.3% from the previous period [9]. - The trading volume in the cash bond market increased by 11.3% compared to the previous period, with a total of 184 trillion yuan traded [10]. Group 4: Yield Curve and Credit Spreads - Government bond yields initially rose and then fell, with the 10-year government bond yield fluctuating between 1.6% and 1.9%. The yield curve flattened, and the credit spread narrowed for most bonds [11]. - The yield curve for interest rate swaps shifted upward, with an increase in average daily transaction volume by 22.7% in the first half of the year [12].

Overview of the Development of China's Interbank Interest Rate Derivatives Market - The article reviews the development of China's interbank interest rate derivatives market over the past twenty years, highlighting key characteristics such as the diversification of trading varieties, the increasing variety of market participants, the improvement of trading and clearing methods, the expansion of market boundaries, the diversification of application scenarios, steady progress in opening up, and the continuous enhancement of services to the real economy [1][2]. Historical Development of Interest Rate Derivatives Market 1. Initial Exploration Period (2005-2014) - The first RMB interest rate swap transaction occurred in October 2005, marking the official start of the market. By 2014, the trading volume surged from 30 billion yuan to 4 trillion yuan [2][4]. - Market participants were primarily financial institutions, with commercial banks focusing on hedging against interest rate risks [3]. 2. Accelerated Development Period (2014-2019) - In 2014, the Shanghai Clearing House began providing centralized clearing services for RMB interest rate swaps, significantly reducing counterparty credit risk and enhancing market liquidity. The trading volume reached 20 trillion yuan by 2018, five times the volume in 2014 [4][5]. 3. Maturing Period (2019-Present) - The market has seen a diversification of trading varieties and participants, with the introduction of LPR-linked interest rate swaps and standard interest rate swap services. The trading volume has consistently exceeded 30 trillion yuan annually in recent years [5][6][7]. Current Status of the Interest Rate Derivatives Market - The annual trading volume of interest rate derivatives has grown from 30 billion yuan to 30 trillion yuan over the past two decades, indicating high growth rates. However, the overall scale remains small compared to international markets, with significant potential for further development [10][11]. - The number of market participants has increased, but the market structure remains relatively flat, indicating a need for further diversification of participant types [11][12]. Recommendations for Market Development 1. Promote Market Segmentation and Market Maker System - Establishing a market maker system can enhance liquidity and risk management, allowing large financial institutions to act as a buffer during market volatility [13][14]. 2. Increase Market Varieties and Improve Yield Curve - Introducing interest rate futures and enhancing the accuracy of pricing for short-term interest rates can improve the effectiveness of hedging strategies [15]. 3. Improve Exit Mechanisms for Existing Transactions - Developing more flexible exit mechanisms for existing transactions can encourage participation and increase trading volumes [16]. Conclusion - Over the past twenty years, China's interbank interest rate derivatives market has matured significantly, with a diverse range of products and improved liquidity. The market is expected to continue evolving towards greater internationalization, diversification, and specialization, contributing to the overall development of China's financial market [17].

Group 1: Money Market Overview - The average daily trading volume in the money market increased, with a total transaction volume of 136.5 trillion yuan in May, reflecting a 4.6% decrease month-on-month, while the average daily transaction rose by 10.4% to 7.2 trillion yuan [2] - The overall liquidity in the market remained balanced and loose, with the central bank implementing a 10 basis point interest rate cut and a 0.5 percentage point reserve requirement ratio reduction, releasing 1 trillion yuan in funds [3] - The average daily balance in the money market increased to 11.7 trillion yuan, up 1.2% month-on-month, while the average net lending balance of large commercial banks rose by 20.4% [4] Group 2: Bond Market Dynamics - The issuance of bonds decreased to 4.48 trillion yuan in May, down 9.8% month-on-month but up 18.8% year-on-year, with net financing increasing by 68% to 2.11 trillion yuan [6] - The trading volume of bonds increased, with a total of 30 trillion yuan traded in May, reflecting a 6.7% month-on-month increase and a 5.5% year-on-year increase [8] - Bond yields experienced fluctuations, with the 10-year government bond yield ranging between 1.63% and 1.73%, indicating a steepening yield curve [10] Group 3: Interest Rate Swaps - The interest rate swap curve shifted upward overall, with slight increases in the swap prices for various maturities [11] - The average daily transaction volume for interest rate swaps saw a minor increase, with a total nominal principal amount of 3.2 trillion yuan traded in May [11]

新华财经北京4月24日电（王菁）日前，为配合国泰君安证券和海通证券合并重组安排，上海清算所顺 利完成两家机构人民币利率互换集中清算业务存续期合约的合并，全力保障其银行间利率衍生品头寸平 稳整合。 据相关负责人介绍，这是上海清算所全力支持国泰海通证券合并整合工作，完成了目前为止银行间市场 最大规模的衍生品存续期合约合并。此前，上海清算所第一时间会同各方组建工作组，2周内研究形成 衍生品头寸合并方案并通过技术、业务测试验证，4天内完成有关内部处理流程，在两家机构重组更名 上市1周内，即实现其银行间利率衍生品近3000笔集中清算合约、数千亿元头寸的合并，顺利完成相关 盯市损益调整、利息计算、风险资源转移和资金结算路径切换等工作，且该过程未对市场其他清算成员 产生影响。 （文章来源：新华财经） 自2014年起，上海清算所陆续推出人民币利率互换、标准利率互换、标准债券远期等系列衍生产品，涵 盖FR007、SHIBOR、LPR、PrimeNCD、政策性金融债等多种挂钩标的，并同步提供债券冲抵保证金、 合约压缩、合约转移等增值服务，有效满足各类市场主体多样化的风险管理需求，持续降低机构参与成 本，提升清算效率。 2024年 ...