BOCHK welcomes Swap Connect launch

The scheme would propel participation from investors and accelerate RMB internationalisation.

Bank of China (Hong Kong) (BOCHK) welcomed the launching of Swap Connect, which allowed Hong Kong and other international investors with bond holdings from the mainland Chinese market to access the interbank interest rate swap market securely and conveniently through the infrastructure connection between the city and China.

The scheme offered investors additional risk management tools to satisfy their needs for managing interest rate risks.

The People's Bank of China, the Chinese Securities and Futures Commission, and the Hong Kong Monetary Authority would begin the Northbound Trading segment of Swap Connect on 15 May.

In a statement, BOCHK said that Swap Connect would further propel participation from investors in the mainland Chinese bond market and push forward the Renminbi (RMB) internationalisation.

The scheme would help boost the development of the interest rate derivatives market on the mainland, strengthen Hong Kong's status as a global offshore RMB business hub and risk management centre, and reinforce the city's position as an international financial centre.

Under Swap Connect, the bank would act as the city's investor to access the mainland interbank interest rate market and offer client clearing services for investors.

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