HKEX: The third quarter trading volume of Stock Connect increased by 25% compared to the previous quarter.

On November 5th, HKEX announced that since the launch of the Cross-Border Interbank Payment System (CIPS), the trading volume has been steadily increasing, becoming an important channel for foreign institutional investors to manage RMB interest rate risks. By the end of September 2025, a total of 83 domestic and foreign investors from 15 countries and regions have participated, reaching a cumulative total of 16,000 transactions with a nominal principal of 8.58 trillion RMB. The nominal amount cleared through the CIPS in the third quarter of this year reached 1.4 trillion RMB, representing a 25% increase compared to the previous quarter. In 2025, the CIPS will accelerate its development further, introducing a series of optimization measures, including increasing the daily net limit to 45 billion RMB starting from October 13, 2025; extending the maximum remaining trading period of interest rate swap contracts to 30 years; expanding the reference interest rates to include the one-year loan prime rate (LPR 1Y) as a reference rate; and expanding the eligible collateral to include onshore government bonds and policy financial bonds. In order to better meet the needs of foreign investors to manage RMB interest rate risks, the China Foreign Exchange Trading Center has established a dynamic adjustment mechanism for CIPS quoting dealers under the guidance of the People's Bank of China. Recently, three more "Northbound CIPS" quoting dealers have been added, expanding the team of quoting dealers to 23 institutions, providing more professional support for global investors participating in CIPS trading and clearing, enhancing market liquidity of the CIPS, and increasing the attractiveness of RMB assets.