【Interoperability】Hong Kong Stock Exchange: Connects First Quarter Settlement Volume Reaches 1.77 Trillion RMB, a New Record

SocialAnxietyStaker · 2026-04-05T11:37:10+00:00

Hong Kong Exchanges and Clearing announced that OTC settlements in the first quarter reached a new high, with cross-currency swaps and interest rate swaps settling at $42.5 billion and 1.77 trillion RMB respectively. March interest rate swap transactions set a record, with a notional amount of 820.8 billion RMB. Currently, 118 offshore institutions are participating, demonstrating its key role in facilitating international investors' access to China's domestic interest rate market. Interest rate swaps serve as a tool for managing interest rate risk and promote multi-party trading.

SocialAnxietyStaker

2026-04-05 11:37:10

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Hong Kong Exchanges and Clearing (00388) announced that this year’s first quarter over-the-counter settlement hit a record high. Among them, the cross-currency swaps (CCS) and Swap Connect settlement volumes reached $42.5 billion and RMB 1.77 trillion, respectively.

In March alone, Swap Connect settlement transactions exceeded 1,461 deals, with a notional principal amount of RMB 820.8 billion, setting a new record.

There are currently 118 offshore institutions participating in Swap Connect

HKEX said that the strong momentum highlights the importance of Swap Connect in facilitating investors’ access to China’s onshore interest rate market. Currently, there are 118 offshore institutions participating in Swap Connect, allowing international investors to invest in China’s onshore interbank interest rate swap market through channels based on their own trading and settlement practices.

Interest rate swaps, also known as interest rate derivatives, are an over-the-counter derivative instrument that can be used to manage the risk of interest rate changes. The two trading parties exchange interest payments on the same principal under different interest rates—for example, one party can receive fixed-rate interest payments on that principal, while the other party receives floating-rate interest payments on that principal.

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