Hong Kong Stock Exchange: In January, the total nominal principal of cross-border exchange reached 576.6 billion yuan, setting a new monthly record.

The interest rate swap mechanism "Bond Connect" between the mainland and Hong Kong markets is gaining momentum. The Hong Kong Stock Exchange (00388) announced that in January this year, the nominal principal reached 576.6 billion yuan, setting a new monthly record for nominal principal. With the further strengthening of the connectivity between the mainland of China and the international markets, the exchange will further support the continuous development of the fixed income ecosystem to solidify Hong Kong's position as a global offshore RMB hub. The Hong Kong Stock Exchange pointed out that since the launch of Bond Connect in May 2023, the cumulative nominal principal has exceeded 10 trillion yuan, highlighting the scale, resilience, and growing global demand for the mechanism. The Hong Kong Stock Exchange mentioned that by 2025, Bond Connect will account for 12% of the onshore interest rate swap (IRS) clearing market, with a network covering 110 domestic and foreign participants in mainland China, Europe, the United States, Australia, Southeast Asia, and other regions. Bond Connect is jointly operated by the China Foreign Exchange Trading Center, Shanghai Clearing House, and the Hong Kong Stock Exchange's subsidiary Hong Kong Securities Clearing Company Limited. Investors can use Bond Connect to trade and settle onshore RMB interest rate swap products while maintaining their usual trading and settlement practices.