First non-deliverable RMB rate swap traded
HSBC and Standard Chartered Bank have traded what they believe is the first renminbi (RMB) non-deliverable interest rate swap transaction. 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. The trade was brokered by Nittan Capital Asia.
The Treasury Markets Association proposed development of the non-deliverable RMB interest rate swap in May 2006.
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