China’s delayed Swap Connect scheme has won regulatory approval and is set to launch within months, opening up a $5tn swaps market to foreign investors needing to hedge their exposure to renminbi debt.
Final rules for the programme were recently agreed by China and Hong Kong authorities, three people familiar with the matter told the Financial Times.
The new programme, giving easier access to tools for hedging interest rate risk, comes as a widening interest rate differential between Chinese and US government debt has driven outflows from the country’s renminbi bond market.
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