On 20 January 2022, the Interim Measures for Interconnection Services between the China Interbank Bond Market and the Exchange Bond Market (the "Connect Measures") were jointly issued by China's bond market infrastructures, the Shanghai Stock Exchange (SSE), the Shenzhen Stock Exchange (SZSE), the China Foreign Exchange Trade Center & National Inter-bank Funding Center (CFETS), the China Securities Depository Clearing Corporation (CSDCC), and the Shanghai Clearing House (SCH). The Connect Measures follow the July 2020 announcement of a connect link between the interbank and exchange bond markets by the People's Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC) , and draft rules dated 2 September 2020 on the opening-up of China's unified bond market (including via connect link) to foreign investors, the Announcement on Investment in China;s Bond Markets by Foreign Institutional Investors (the "Draft Announcement").