PBOC further liberalises China’s derivatives market

The latest move to liberalise the market comes hot on the heels of new regulations published on Tuesday, which allowed banks to offer renminbi (RMB) cross-currency swaps to clients for the first time.

Under those rules, banks with spot foreign exchange and derivatives licences can apply to the PBOC to conduct RMB forwards transactions. Those that win approval can then register with the State Administration of Foreign Exchange (Safe) to engage in cross-currency swaps, so long as these do not

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