Page 46 - 期货和衍生品行业监管动态（2024年5月）

期货和衍生品行业监管动态

下一步，内地与香港监管机构将指导两地金融市场基础设施机构，继续稳妥

有序推进“互换通”业务合作，持续完善各项机制安排，助力稳步扩大中国金融市

场对外开放，巩固提升香港国际金融中心地位。

Joint Press Release of the PBOC, the SFC and the HKMA on Swap Connect

Enhancements to Advance High-quality Opening-up of China’s Financial

Markets (2024/5/13)

To implement the national strategy to steadily advance the opening-up of China’s

financial markets, the mutual access between the Mainland and Hong Kong interest

rate swap markets (“Swap Connect”) was launched on 15 May 2023. Since the launch,

the trading and clearing arrangements of Swap Connect have been operating smoothly

and its trading volume has been on the rise with active participation of Mainland and

overseas investors.

As of the end of April 2024, 20 Mainland dealers and 58 overseas investors had

conducted more than 3,600 interest rate swap transactions with an aggregate notional

amount of approximately RMB1.77 trillion, representing an average daily turnover of

RMB7.6 billion or thereabouts in notional amount. The average daily turnover

calculated on a monthly basis had increased by around three times from
approximately RMB3 billion in the first month after the launch to over RMB12

billion in April 2024, providing Mainland and overseas investors with a convenient

and efficient risk management tool to manage their RMB asset allocation.

To further promote the coordinated development of financial derivatives markets

in the Mainland and Hong Kong and establish a framework to facilitate high-quality

opening-up in the realm of finance, the People’s Bank of China, the Securities and

Futures Commission and the Hong Kong Monetary Authority have resolved to

support the following further enhancements of Swap Connect, after thoroughly

reviewing the operational experiences of Swap Connect and carefully considering

comments and suggestions from Mainland and overseas investors.

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