Page 31 - 期货和衍生品行业监管动态（2025年5月刊）

期货和衍生品行业监管动态

率（LPR）为参考利率的利率互换合约。两地金融市场基础设施机构将陆续上线

以上优化措施。

下一步，内地与香港金融及证券监管机构将继续指导两地金融市场基础设施

机构，根据“互换通”的运行情况，持续完善相关机制安排，稳步推动中国金融

市场进一步对外开放，稳慎扎实推进人民币国际化，支持香港国际金融中心繁荣

发展。

Further Enriching Product Types of Swap Connect to Facilitate High-quality

Opening up of Mainland’s Financial Markets (2025/5/15)

Following the launch of the Mainland-Hong Kong interest rate swap markets

mutual access scheme (Swap Connect) on 15 May 2023 as part of the national

strategy to steadily advance the opening-up of Mainland’s financial markets,

transaction volume under the scheme has been growing steadily. In May 2024, Swap

Connect was enhanced to provide more flexibility for offshore institutional investors

to manage interest rate risk, and strengthen the appeal of RMB assets to offshore

investors. As of the end of April 2025, 20 Mainland dealers and 79 offshore investors

had participated in Swap Connect, completing more than 12,000 interest rate swap

transactions with an aggregate notional amount of approximately RMB 6.5 trillion.

To further promote the collaborative development of financial derivatives

markets on the Mainland and in Hong Kong, as well as to support the high-quality

opening-up of Mainland’s financial markets, the People’s Bank of China (PBoC), the

Securities and Futures Commission (SFC), and the Hong Kong Monetary Authority

(HKMA) plan to further enrich the product types under Swap Connect, after fully

assessing the operational experience of Swap Connect and feedback from Mainland

and overseas investors. First, the tenor of interest rate swap contracts would be

extended to 30 years to meet the diverse risk management needs of market institutions.

Second, the product scope of Swap Connect would be expanded by including interest

rate swap contracts using the Loan Prime Rate (LPR) as the reference rate. Relevant

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