CCTV News: The reporter learned from the People's Bank of China that since the interest rate swap market connectivity cooperation business of the Mainland and Hong Kong has been launched, the business volume has continued to rise. The People's Bank of China and other departments plan to further enrich the types of "swap-to-swap" products and extend the term of interest rate swap contracts to 30 years.
As of the end of April 2025, 20 domestic quotation deals have reached more than 12,000 RMB interest rate swap transactions with 79 overseas investors, with a total nominal principal amount of approximately RMB 6.5 trillion.
The People's Bank of China stated that it plans to further enrich the types of "swap" products, including extending the contract term and extending the term of interest rate swap contracts to 30 years to meet the diversified risk management needs of market institutions; and expanding the product lineage and launching interest rate swap contracts with the loan market quotation interest rate (LPR) as the reference interest rate.
"Swap Connect" was officially launched on May 15, 2023. It can facilitate overseas investors to use interest rate swaps to manage risks, reduce the impact of interest rate fluctuations on the value of their bonds, and conveniently complete the transaction and centralized liquidation of RMB interest rate swaps, and enhance overseas investors' willingness to allocate RMB assets.
