08 May 2023
CICC has been selected among the first batch of approved market makers for "Northbound Swap Connect"

On May 5th 2023, the China Foreign Exchange Trade System officially announced the list of the first Northbound Swap Connect market makers. CICC was on the list and is committed to opening a new chapter in serving the internationalization of China's bond market.

Since the launch of Bond Connect, overseas investors have become increasingly active in the RMB bond market, and the demand for RMB interest rate risk management has been climbing. The Northbound Swap Connect allows foreign investors to participate in the onshore inter-bank interest rate swap market, expanding the cross-border infrastructure from the cash bond market to the derivatives market and facilitating foreign institutions to manage RMB interest rate risks effectively. The official launch of Swap Connect would be an important step for the opening-up of China's financial markets.     

As one of the first market makers of Bond Connect and one of the most active participants in the domestic interest rate derivatives market, CICC has been actively assisting in optimizing the trading mechanism after Swap Connect was announced based on its leading international layout and profound experience. CICC supports the opening-up of the RMB bond market by promoting Swap Connect to various types of foreign investors, including central banks and sovereign institutions, banks, asset managers, etc.

The Northbound Swap Connect will be officially launched on May 15th 2023. Adhering to the corporate value of "Chinese roots, international reach", CICC will firmly fulfill its responsibilities as a market maker, continue to improve its trading capabilities and service levels, and constantly contribute to the high-quality development and opening up of China's financial market.