In 2025, the interest rate swap curve steepened and shifted upward, with trading volume increasing year-over-year.

According to Chinese money market news, in 2025, the interest rate swap curve steepened and shifted upward, with a larger increase at the long end. The 6-month, 1-year, and 5-year SHIBOR 3M swap prices are 1.5925%, 1.5775%, and 1.7175%, respectively, up 2, 14, and 29 basis points from the end of the previous year. The 1-year, 5-year, and 10-year FR007 swap prices are 1.4985%, 1.6116%, and 1.7933%, respectively, up 3, 18, and 20 basis points from the end of last year.

The average daily trading volume of interest rate swaps increased year-on-year. In 2025, the total number of RMB interest rate swap transactions reached 387,000, with an average daily increase of 18.5%; the total notional amount was 44.3 trillion yuan, with an average daily trading volume of 178.62 billion yuan, a year-on-year increase of 36.3%.

The average daily trading volume of standard bond forwards and interest rate options also increased year-on-year. In 2025, standard bond forward transactions totaled 14,350, with a notional amount of 36.065 trillion yuan, an average daily increase of 242.2%. RMB interest rate options traded 2,207 contracts with a notional amount of 20.592 billion yuan, an average daily increase of 6.5%, including 2,206 interest rate cap/floor options with a notional amount of 20.591 billion yuan, and 1 interest rate swap option with a notional amount of 10 million yuan.