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ARTICLE · 28 FEBRUARY 2023

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A Step Towards The Launch Of Swap Connect

Han Kun Law Offices
Han Kun Law Offices
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Han Kun Law Offices

Han Kun Law Offices

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On 17 February 2023, the People's Bank of China (PBoC) issued for public comments the Interim Measures for the Administration of Interconnection and Cooperation between the...

ChinaFinance and Banking
TieCheng Yang
TieCheng Yang
Yin Ge
Yin Ge
Ting Zheng
Ting Zheng
Eryin Ying
Eryin Ying
Lin Zhu
Lin Zhu

Background

On 17 February 2023, the People's Bank of China (PBoC) issued for public comments the Interim Measures for the Administration of Interconnection and Cooperation between the Interest Rate Swap Markets of the Mainland and Hong Kong (Draft for Comments)1 (the "Draft Swap Connect Measures"). The public comment period is open until 4 March 2023.

Soliciting public comments for the Draft Swap Connect Measures is the latest move since the PBoC, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) released a joint announcement on 4 July 2022, which officially confirmed the future launch of the Swap Connect (the "Joint Announcement")2. According to PBoC in a separate explanatory statement on the Draft Swap Connect Measures3, the Swap Connect initiative is designed to facilitate the participation of offshore investors in the onshore RMB interest rate swap (IRS) markets, considering that RMB interest risk management needs of

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