First USD/CNY cross-currency swap using SOFR trades

Crédit Agricole and Bank of China’s $10m trade marks a new milestone for risk-free rate

USD-CNY-cross-currency-SOFR-swap-debuts

Crédit Agricole and Bank of China have transacted the first onshore Chinese renminbi versus US dollar cross-currency swap using the secured overnight financing rate (SOFR), breaking new ground in the acceptance of alternative reference rates in Asia.

The $10 million, one-year swap, struck on April 21, sees Bank of China receive compounded SOFR on the floating USD leg and pay a fixed rate of 0.48% on the CNY leg.

The trade was confirmed on the China Foreign Exchange Trade System platform.

Lili

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: