On July 10 the Bonds Connect operator said Swap Connect has operated smoothly
since its May 2023 launch and that the number of overseas investors using the
scheme rose to about 100 as of July 2026. Q1 2026 trading volume reached 1.78
trillion yuan, up 26% YoY. Swap Connect is an interconnect mechanism allowing
foreign investors to access China’s onshore interest-rate derivatives market via
cross-border infrastructure.