China Foreign Exchange Trading Center optimizes the "Swap Network" operating mechanism, and the daily net limit will be increased to 45 billion yuan.

In order to further enhance the vitality of the swap market and better meet the needs of overseas investors in managing RMB interest rate risks, the China Foreign Exchange Trading Center will optimize the operation mechanism of the "Swap Market" under the guidance of the People's Bank of China. Specific measures include: first, establishing a dynamic adjustment mechanism for swap market makers and expanding the team of market makers. Second, improving the daily net limit dynamic evaluation mechanism and increasing the daily net limit to 45 billion yuan starting from October 13, 2025. The "Swap Market" can facilitate the use of interest rate swaps by overseas investors to manage risks, reduce the impact of interest rate fluctuations on the value of their bond holdings, and facilitate the completion of RMB interest rate swaps trading and centralized clearing, thereby enhancing the willingness of overseas investors to allocate RMB assets. Since its launch on May 15, 2023, the "Swap Market" has provided convenient and efficient interest rate risk management tools for overseas investors to allocate RMB assets. As of the end of August 2025, a total of 82 overseas investors from 15 countries and regions have completed over 15,000 RMB interest rate swap transactions with a nominal principal of 8.15 trillion yuan. The China Foreign Exchange Trading Center stated that in the future, it will continue to work closely with the guidance of the People's Bank of China, local infrastructure, and domestic and foreign market participants to continuously optimize the arrangements of the "Swap Market" mechanism, and contribute to the high-level opening of China's financial market and the internationalization of the RMB.