StanChart and HSBC trade first non-deliverable RMB rate swap
Chinese markets open further
HSBC and Standard Chartered Bank have traded what they believe to be the first renminbi (RMB) non-deliverable interest rate swap. The RMB100 million ($12.5 million) transaction has a three-year tenor and involves Standard Chartered paying a fixed rate of 3.09%, in return for a floating rate paid by HSBC. Nittan Capital Asia brokered the trade.
"The RMB non-deliverable interest rate swap has been developed by the Treasury Markets Association (TMA) to match the needs of the market, since various
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