The opening of China's derivatives market has brought huge opportunities and challenges for domestic banks. The People's Bank of China (PBoC) in February issued new regulations for banks to conduct renminbi-denominated interest rate swaps on a trial basis, following a move in August 2005 to allow banks to offer RMB cross-currency swaps for the first time.
Bank of China (BoC) - Asia Risk's 2006 China house of the year - had set up its interest rate swap trading desk with the necessary risk
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