根据《内地与香港利率互换市场互联互通合作管理暂行办法》（中国人民银行公告[2023]第8号），符合要求的境外投资者通过全国银行间同业拆借中心（以下简称“交易中心”）开展“北向互换通”交易，应根据本指南办理“北向互换通”入市：

According to the Notice of the People’s Bank of China (PBC) on “Interim Measures for the Administration of Mutual Access between the Mainland and Hong Kong Interest Rate Swap Markets” (PBC’s Public Notice No. 8 [2023]), eligible offshore investors who wish to carry out “Northbound Swap Connect” transactions via China Foreign Exchange Trade System (CFETS) shall  observe this market entry guide for “Northbound Swap Connect” onboarding: :

一、境外投资者入市申请 Market Entry Application for Offshore Investors

符合中国人民银行要求、拟参与“北向互换通”交易的境外银行间债券市场成员开展“互换通”交易前，可通过以下渠道向交易中心提交相关入市材料：

（一）通过债券通有限公司E-Filing系统提交入市材料高清彩色扫描件。无E-Filing系统账号的境外投资者，需先在债券通有限公司网站[1]注册E-Filing系统账号。债券通公司将提供必要的辅导服务，并将入市材料提交至交易中心。

（二）直接向交易中心指定电子邮箱[2]发送入市材料高清彩色扫描件。

材料符合要求的，交易中心将为其开立互换通交易账户。

入市材料如下：

1. 中国人民银行上海总部出具的备案通知书；

2．“北向互换通”境外投资者业务申请表及承诺函；

3．中国人民银行要求的其他材料。

Offshore investors of the Inter-Bank Bond Market who meet the requirements of PBC and plan to participate in “Northbound Swap Connect” transactions may submit application materials to CFETS before carrying out “Swap Connect” transactions in the following channels:

      I.         Submit high-definition color-scanned copies of application materials through E-Filing System of Bond Connect Company Limited. Offshore investors who do not have access to E-Filing system could apply for an account of E-Filing via BCCL’s website¹. Bond Connect Company Limited will provide guidance to the extent necessary and submit qualified applications to CFETS.

     II.         Submit high-definition color-scanned copies of application materials directly to CFETS at the designated email address². CFETS will open Swap Connect trading accounts for offshore investors with qualified application materials.

The application materials are as follows:

1.     Filing Notice issued by the Shanghai Headquarter of PBC

2.     Northbound Swap Connect Investor Business Application Form and Compliance Commitment Statement

3.     Other materials required by PBC

二、信息变更 Information Update

境外投资者发生投资者名称变更、交易平台变更、交易执行机构变更、OTCC资金账号变更、清算代理机构变更等情况的，应通过原渠道提交《“北向互换通”境外投资者信息变更表》及其他相关材料，交易中心办理变更业务，并通过原渠道反馈变更信息。

In the event of changes in investor’s name, trading platform, trading execution entity, OTCC cash account, clearing agency, etc., offshore investors shall submit the “Northbound Swap Connect Registration Update Form” and other relevant materials through the original application channel. CFETS will update the information and provide feedback to investors through the original application channel.

三、销户退市 Account Closure and Exit

拟退出“北向互换通”业务的境外投资者，应通过原渠道提交《境外投资者退市申请表》并结清费用。经确认已完成上述事项的，交易中心办理销户手续。

Offshore investors who intend to withdraw from “Northbound Swap Connect” shall submit the “Swap Connect Exit Form” through the original application channel and settle any outstanding fees. Once the aforementioned issues have been completed, CFETS will proceed to close the account.

四、业务联系方式 Business Contact Information

CFETS/交易中心：

   E：bondconnect@chinamoney.com.cn

   T：021-38585377

      021-38585323

Bond Connect Company Limited/债券通公司：

E：info@chinabondconnect.com

T：852-23270033

五、相关材料 Related Materials

表1：“北向互换通”境外投资者业务申请表

表2：“北向互换通”境外投资者信息变更表

表3：“北向互换通”境外投资者退市申请表

Form 1: Northbound Swap Connect Investor Business Application Form

Form 2: Northbound Swap Connect Registration Update Form

Form 3: Northbound Swap Connect Exit Form