Hong Kong Exchange (HKEX) Announced 1) Addition of 1-Year Loan Prime Rate (LPR 1Y) to Floating Reference Rate Options under Northbound Swap Connect & Reports $908 Million (RMB 6.46 Billion) Nominal Value from 53 Transactions on Day 1 (22nd September 2025) and 2) Extending Maximum Tenor for Clearing CNY Non-Deliverable Interest Rate Swaps (CNY NDIRS) to 11 Years from 5.5 Years Allowing International Investors More Flexibility to Manage RMB Interest Rate Risk
23rd September | Hong Kong
The Hong Kong Exchange (HKEX) has announced the 1) Addition of 1-year Loan Prime Rate (LPR 1Y) to the floating reference rate options under Northbound Swap Connect & reports $908 million (RMB 6.46 billion) nominal value from 53 transactions on day 1 (22nd September 2025) and 2) Extending the maximum tenor for clearing of CNY non-deliverable interest rate swaps (CNY NDIRS) to 11 years from 5.5 years allowing international investors more flexibility to manage RMV interest rate risk. Announcement (22/9/25): “Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Monday) the addition of 1-year Loan Prime Rate (LPR 1Y) into the floating reference rate options under Northbound Swap Connect. This enhancement is the latest in a series of initiatives to expand Swap Connect, and is made possible by the close collaboration between HKEX’s clearing subsidiary, OTC Clearing Hong Kong Limited (OTC Clear), with China Foreign Exchange Trade System (CFETS) and Shanghai Clearing House (SHCH). A total of 31 onshore and offshore institutions conducted 53 transactions of LPR 1Y referenced RMB interest rate swaps today, with an aggregate nominal value of RMB 6.46 billion. The Loan Prime Rate (LPR) has been widely used to price loans to businesses in Mainland China. Introducing LPR interest rate swap contracts in Swap Connect will provide more tools for international investors to manage the interest rate risk of their RMB-denominated portfolio, enhancing Hong Kong’s competitiveness as an international financial centre and supporting the internationalisation of the RMB. Swap Connect, a mutual access programme linking Hong Kong and Mainland China’s interbank interest rate swap markets, has operated seamlessly and recorded robust growth in trading volumes since its launch in May 2023. It has become a primary channel for international investors to manage the interest rate risk of their RMB assets. As of the end of August 2025, a total of 82 international institutions from 15 markets have conducted more than 15,000 interest rate swap transactions under Swap Connect, with an aggregate notional amount of about RMB8.15 trillion. Separately, OTC Clear has begun extending today the maximum tenor for clearing CNY non-deliverable interest rate swaps (CNY NDIRS) it clears from 5.5 years to 11 years, offering international investors greater flexibility in managing RMB interest rate risk.
“ Hong Kong Exchange (HKEX) Announced 1) Addition of 1-Year Loan Prime Rate (LPR 1Y) to Floating Reference Rate Options under Northbound Swap Connect & Reports $908 Million (RMB 6.46 Billion) Nominal Value from 53 Transactions on Day 1 (22nd September 2025) and 2) Extending Maximum Tenor for Clearing CNY Non-Deliverable Interest Rate Swaps (CNY NDIRS) to 11 Years from 5.5 Years Allowing International Investors More Flexibility to Manage RMB Interest Rate Risk “
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HKEX – Hong Kong Exchanges and Clearing Limited (HKEX) is a publicly-traded company (HKEX Stock Code:388) and one of the world’s leading global exchange groups, offering a range of equity, derivative, commodity, fixed income and other financial markets, products and services, including the London Metal Exchange. As a superconnector and gateway between East and West, HKEX facilitates the two-way flow of capital, ideas and dialogue between China and the rest of the world, through its pioneering Connect schemes, increasingly diversified product ecosystem and its deep, liquid and international markets. HKEX is a purpose-led organisation which, across its business and through the work of HKEX Foundation, seeks to connect, promote and progress its markets and the communities it supports for the prosperity of all.
Hong Kong Exchange (HKEX) Announced 1) Addition of 1-Year Loan Prime Rate (LPR 1Y) to Floating Reference Rate Options under Northbound Swap Connect & Reports $908 Million (RMB 6.46 Billion) Nominal Value from 53 Transactions on Day 1 (22nd September 2025) and 2) Extending Maximum Tenor for Clearing CNY Non-Deliverable Interest Rate Swaps (CNY NDIRS) to 11 Years from 5.5 Years Allowing International Investors More Flexibility to Manage RMB Interest Rate Risk
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