On the 5th, the reporter learned from the Hong Kong Monetary Authority that transactions under the "Northbound Swap Connect" will be launched on May 15, 2023. The initial tradable products will be interest rate swap products, and the quotation, trading, and settlement currency will be RMB. In order to promote the coordinated development of the financial derivatives markets in mainland China and Hong Kong, and build a high-level financial openness pattern, on July 4, 2022, the People's Bank of China, the Hong Kong Securities and Futures Commission, and the Hong Kong Monetary Authority issued a joint announcement agreeing to carry out the interconnection and cooperation between Hong Kong and the local interest rate swap market, referred to as the "Swap Connect", with the initial opening of the "Northbound Swap Connect", Overseas investors from Hong Kong and other countries and regions can participate in the mainland interbank financial derivatives market through the interconnection of infrastructure between Hong Kong and the mainland. Since the release of the joint announcement, all preparations for the "Interchange Connect" have progressed smoothly. The People's Bank of China, the Hong Kong Securities Regulatory Commission, and the Hong Kong Monetary Authority have reached a consensus on the principles and specific arrangements for cross-border regulatory cooperation related to the "Swap Connect", and have signed a Memorandum of Understanding on Matters related to the Mainland Hong Kong Bond and Derivatives Market. The memorandum has improved the regulatory cooperation arrangements and liaison consultation mechanisms between mainland and Hong Kong regulatory agencies in the bond and derivative markets, in order to better maintain the normal operation of the "Swap Connect", financial market stability, and fair trading order. (New News Agency)