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
Response to Voluntary Carbon Markets Consultation
On July 10, ISDA responded to the UK government’s consultation on voluntary carbon and nature markets. The UK should continue to play a leading role in promoting the consistent legal treatment of carbon credits internationally, with the development of global...
ISDA Response – ROC Consultation on Revised CDE Version 4
The International Swaps and Derivatives Association, Inc. (ISDA) response to the Regulatory Oversight Committee (ROC) consultation on the harmonisation of critical OTC derivatives data elements (CDE) revised CDE Technical Guidance – version 4, submitted to the ROC on January 24,...
ISDA response to ESMA MiFIR Review Consultation
On July 11, ISDA submitted a response to the European Securities and Markets Authority's (ESMA) fourth package of Level 2 consultation under the Markets in Financial Instruments Regulation Review (MiFIR), on transparency for derivatives, package orders and input/output data for...
Canadian Transaction Reporting Party Requirements
These Reporting Party Requirements establish the hierarchy and tie-breaker logic to determine a single reporting counterparty for Canadian provincial reporting. By leveraging the existing reporting party standard established for reporting to the CFTC, in most cases these rules facilitate submission...