PBOC consults on Swap Connect

On 17 February 2023, the People’s Bank of China (PBOC) published a consultation draft of the Interim Administrative Measures for Swap Connect for public consultation until 4 March 2023.  The draft Measures set out key aspects of the regulatory framework for the Swap Connect scheme further to the joint announcement made by the Mainland and Hong Kong regulators on 4 July 2022 relating to the development of the scheme.