PBoC releases draft rules for Swap Connect

Foreign access to onshore CNY swaps limited to interbank bond market users, while Isda docs aren’t ruled out

People’s Bank of China
People’s Bank of China

The People’s Bank of China (PBoC) has revealed more about how its new system would allow foreign investors to access the country’s onshore interest rate swap market, but lawyers say there are still a lot of details to be hammered out.

The Chinese central bank released draft rules and launched a public consultation on February 17 that sketched out a high-level framework for the long-awaited Swap Connect project. This is, in essence, the swap version of Bond Connect, which gives foreign investors

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