DisConnect: no deluge of demand for onshore CNY swaps – yet

Despite modest uptake, new onshore swaps on China’s Swap Connect could outdo non-deliverable IRSs, say dealers

The torrent of overseas demand expected to flood onshore renminbi swaps on the May 15 launch of China’s Swap Connect is so far merely a modest stream, say dealers. But, given that the move opens China’s $3 trillion onshore renminbi (CNY) swap market to foreign investors, they believe it is only a matter of time before the scheme reshapes the renminbi swaps trading landscape.

The platform launched to a somewhat subdued start, in contrast to the hubbub that preceded it. When Swap Connect was

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