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Developments in the Interest Rate Derivatives Markets in Mainland China and Hong Kong

Research
Research Notes June 24, 2025
< 1  min.read

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.

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