China has opened the door for more overseas investors to access its prized $5tn interest rate swaps market, a move Beijing hopes can help stem a protracted sell-off of local debt as US rates rise.
The market link-up, known as Swap Connect, launched on May 15 and is similar to existing programmes in Hong Kong that allow offshore investors to trade bonds and stocks in Shanghai and Shenzhen.
Eddie Yue, chief executive of the Hong Kong Monetary Authority, said during a meeting in Beijing that allowing foreign investors to hedge the interest rate risk on their renminbi bonds “can prevent heavy sell-offs for bonds, decrease market volatility and improve financial stability”.
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