Opened interest: foreign firms eye China's rate swap market

The opening of the interbank bond market to foreign investors should be a boon for onshore interest rate derivatives markets. But participants say there are a number of hurdles to clear before it can take off

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Opening up the interbank bond market was a significant milestone

There are seven and a half trillion reasons why global investors are interested in accessing China's onshore bond market. That is how much the market is worth in US dollars, according to the Bank for International Settlements, which is only bettered by Japan ($11 trillion) and the US ($36 trillion).

So the decision by the People's Bank of China (PBoC) in February to expand direct access to the interbank bond market, which accounts for 90% of onshore volumes, from just central banks to pretty

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