中銀香港:「互換通」進一步鞏固香港國際金融中心地位
中銀香港(02388.HK)首席經濟學家鄂志寰博士表示,「互換通」業務宣佈啓動,標誌着內地與香港互聯互通合作的又一項重要舉措落地,將進一步鞏固香港國際金融中心地位。「互換通」以人民幣利率互換爲試點產品,通過內地和香港金融市場基礎設施連接,使投資者能夠在不改變交易習慣、有效遵從內地和香港相關市場法律法規的前提下,便捷地完成人民幣利率互換的交易和集中清算,秉承了互聯互通將市場安全性、投資者便利性作爲重要考量的機制設計。
互聯互通機制經過過去幾年在股票、債券等領域的高效平穩運行,已經被驗證是極具生命力的一項機制。在當前境外投資者持債規模擴大,利用衍生品管理利率風險需求持續增加的背景下,推出「互換通」既是順勢而爲,也讓內地和香港互聯互通機制可交易品種更爲全面,激發新的活力。
「互換通」的推出將有利於投資者管理利率風險,減少利率波動對其持有債券價值的影響,平緩資金跨境流動。推出「互換通」後,境外機構的不同投資需求增加,有助於提升市場流動性,促進內地和香港金融市場共同發展。此外,「互換通」的推出是強化香港國際資產管理中心及風險管理中心功能的具體落實,有利於增強香港作爲國際金融中心的吸引力,進一步深化內地與香港金融市場合作。
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