BoAML debuts cross-currency swap with corporate onshore in China

Bank of America Merrill Lynch has completed a currency swap onshore in China with a corporate client, making it what is believed to be the first foreign bank to seal this kind of deal with a corporate in China since the national currency regulator, the State Administration of Foreign Exchange (Safe), gave the go-ahead for such transactions last month.

The deal is a US dollar, fixed-rate swap for one year that receives a renminbi fixed rate of 3%. The contract has an aggregate notional value of