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China's Mainland, Hong Kong Launch Swap Connect to Boost Financial Connectivity

Garrett_Li

Garrett_...

· 7月4日

The program is expected to provide trading and clearing services for Hong Kong and international investors to access Mainland China's financial derivatives market, and for investors in Mainland China to access Hong Kong's financial derivatives market.

Image Source: Visual China

Image Source: Visual China

Beijing, July 4 (TMTPOST) – The People’s Bank of China (PBOC), Hong Kong Securities and Futures Commission and Hong Kong Monetary Authority jointly announced on Monday that they would develop Swap Connect, a new mutual access program between mainland China and Hong Kong’s interbank interest rate swap markets.

Swap Connect will officially come into operation in six months, according to the joint announcement. The program is expected to provide trading and clearing services for Hong Kong and international investors to access Mainland China’s financial derivatives market, and for investors in Mainland China to access Hong Kong’s financial derivatives market.

Swap Connect is a significant milestone in fostering connectivity between Hong Kong and Mainland China’s financial markets, Hong Kong Exchanges and Clearing (HKEX)’s President Alejandro Nicolas Aguzin said at the 2022 Bound Connect Anniversary Summit & Swap Connect Launch held at HKEX on Monday.

Swap Connect will offer international investors a similar level of convenience trading in Mainland China’s interbank derivatives market, as they enjoy thorough participation in Mainland China’s interbank bond markets via Bond Connect.

Swap Connect, which will start in six months and is still pending regulatory approvals, will allow Hong Kong and international investors to participate in Mainland China’s interbank interest rate swap market, without changing their existing trading and settlement practices. It will help investors manage risks for bond investments in mainland China, according to Hong Kong Monetary Authority.

China will also raise its currency swap with Hong Kong to 800 billion yuan from 500 billion yuan, the PBOC said in another announcement.

“Optimizing the currency swap agreement with PBOC and the management of the Renminbi flow of the Monetary Authority can ensure Hong Kong has an abundant amount of Renminbi as an offshore market and further enhance Hong Kong’s unique advantages in offshore Renminbi business,” said Eddie Yue, Chief Executive of the Hong Kong Monetary Authority.

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