After months of anticipation, the National Association of Financial Market Institutional Investors (Nafmii) published the Guidelines for interbank market credit risk mitigation instruments (pilot scheme) on October 29, 2010. This is a major milestone in the China interbank market and paves the way for the launch of an onshore credit derivatives market.
The instruments introduced under the pilot scheme are relatively simple. At this stage, only two types of products are allowed: credit risk mitig
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