Opened interest: foreign firms eye China's rate swap market

However regulatory and operational challenges set to slow growth

Opening up the interbank bond market was a significant milestone

There are seven and a half trillion reasons why global investors are interested in accessing China's onshore bond market. That is how much the market is worth in US dollars, according to the Bank for International Settlements, which is only bettered by Japan ($11 trillion) and the US ($36 trillion).

So the decision by the People's Bank of China (PBoC) in February to expand direct access to the interbank bond market, which accounts for 90% of onshore volumes, from just central banks to pretty

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