China to Start Interest-Rate Swap Connect With Hong Kong

Bloomberg Markets and Finance published this video item, entitled “China to Start Interest-Rate Swap Connect With Hong Kong” – below is their description.

The People’s Bank of China, the Hong Kong Monetary Authority and Hong Kong’s Securities and Futures Commission are working to develop swap connect that would enable offshore investors to execute interest rate derivatives transactions with onshore investors in mainland China. China will also raise currency its swap with Hong Kong to 800 billion yuan ($119 billion) from 500 billion yuan. John Liu reports on Bloomberg Television.

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In This Story: Hong Kong

Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world.

Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898. The whole territory was transferred to China in 1997. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of “one country, two systems”.

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