On April 2, Hong Kong Exchanges and Clearing Limited (HKEX) announced that its OTC Clearing subsidiary achieved a new quarterly high in clearing volume for Swap Connect during the first quarter of 2026. The clearing scale for cross-currency swap products reached $42.5 billion, while Swap Connect clearing volume amounted to 1.77 trillion yuan.
In March alone, Swap Connect completed more than 1,461 transactions, with the cleared notional amount reaching 820.8 billion yuan, setting a new record since the launch of the program. Currently, 118 domestic and international institutions are participating in Swap Connect, providing effective support for the orderly and convenient access of overseas institutions to China's onshore interest rate swap market, while further promoting the standardization and sustainable development of cross-border risk management activities.
Looking ahead, HKEX will continue to work closely with domestic financial infrastructure under the guidance and support of regulators from both sides. The exchange aims to continuously improve cross-border market infrastructure, enhance the efficiency of connectivity mechanisms, support the internationalization of the renminbi, and consolidate Hong Kong's international status as a leading offshore yuan hub.
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