China widens foreign access to swaps after $130bn bond sell-off
Financial Times
23-05-23 01:19
China has launched Swap Connect to allow more overseas investors access to its interest rate swaps market, hoping it can offset ongoing local debt sales as US rates rise, while also broadening its integration with global finance. Many view the programme as necessary for foreign investors using Hong Kong’s Bond Connect scheme. However, most do not see this offering as a solution to the outflows of Chinese government debt, which have reached RMB903bn ($130bn) since the start of 2018.