Non-deliverable CNY swaps defy doubters

Swap Connect’s launch has helped rather than hindered the instrument, say dealers


As Swap Connect was preparing to launch in May last year, some dealers thought this new infrastructure that allows foreign firms to trade onshore renminbi (CNY) interest rate swaps would eventually erode the market for non-deliverable swaps, which until that point had been their go-to instrument.

But those fears were misplaced. A year later, CNY non-deliverable interest rate swaps (NDIRS) have boomed with foreign investors, as international dealers increasingly lean on Swap Connect for their

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