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「北向互換通」延長產品合約期限至30年 填補超長期限利率管理工具空白
阿思達克 07-02 10:23
本周一(6月30日),在兩地監管機構的指導與支持下,港交所(00383.HK)旗下外匯交易中心和上海清算所,將「北向互換通」產品合約期限延長至30年。 本次「北向互換通」優化措施的推出將進一步拓展境內外利率衍生品市場互聯互通的深度與廣度,豐富跨境風險管理工具箱,滿足境內外機構多樣化風險管理需求:一是完善收益率曲線,與現有短期、中長期利率互換產品協同,構建覆蓋全期限的利率風險管理體系;二是填補超長期限利率管理工具空白,為保險、養老金等長期資金提供精準久期匹配工具,有效對沖超長期限債券的利率波動風險;三是提升跨境投資策略多樣性,支持國際投資者構建更複雜的利率曲線交易策略,提升人民幣資產配置效率。 作為連接內地與香港金融衍生品市場的創新舉措,「北向互換通」自2023年5月上線以來,交易日趨活躍,為兩地金融市場注入了新的活力。截至2025年6月末,「北向互換通」累計成交7.16萬億元人民幣,吸引82家境外機構參與,已發展成為境外投資者管理人民幣資產利率風險的主要渠道,持續吸引更多境外資金增持中國市場債券。 未來,三方基礎設施將繼續在兩地監管機構指導下,與所有市場參與者緊密合作,不斷豐富「互換通」產品種類,完善風險管理框架,推動內地與香港金融市場共同發展,助力中國金融市場高水準對外開放。
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