ISDA has published a new research paper that analyzes interest rate derivatives (IRD) trading activity reported in mainland China and Hong Kong.
Key highlights from the report include:
- Mainland China’s renminbi (RMB)-denominated IRD market has expanded significantly since 2022, with total traded notional growing by 47.2% to $4.5 trillion in 2024 from $3.1 trillion in 2022.
- Hong Kong’s RMB IRD market, which comprises CNH swaps and CNY non-deliverable swaps, increased by 37.5%, with traded notional rising to $12.0 trillion in 2024 from $8.7 trillion in 2023.
- The share of RMB-denominated IRD traded notional in Hong Kong overall grew to 10.2% in 2024.
- The broader Hong Kong IRD market in 2024 reached $117.9 trillion in traded notional from $27.6 trillion in 2016.
Click on the attached PDF to read the full report.
Documents (1) for Developments in the Interest Rate Derivatives Markets in Mainland China and Hong Kong
Latest
Guidance for EU IM Model Application for ISDA SIMM®
EU financial and non-financial EU counterparties exchanging IM based on ISDA SIMM® should have already submitted an initial application for authorisation to their competent authority (CA), and ECB if applicable. If not, they should do so timely to ensure continued...
Joint Response on Stress Testing Framework
On February 23, ISDA, the Bank Policy Institute, the American Bankers Association, the Financial Services Forum, the Securities Industry and Financial Markets Association and the US Chamber of Commerce jointly responded to the US Federal Reserve’s consultation on the stress...
Joint Letter on Italian 2026 Budget Law
On February 23, ISDA, the Association for Financial Markets in Europe and the International Securities Lending Association jointly sent a letter to the Italian tax authorities about changes to withholding tax on dividends made in the 2026 budget law, which...
Response to FCA on UK MIFIR Consultation
On February 20, ISDA responded to the Financial Conduct Authority’s (FCA) consultation on improving the UK Markets in Financial Instruments Regulation (MIFIR) transaction reporting regime. The consultation aims to reduce the regulatory burden on firms, support sustained economic growth in...