CNH Hibor fixing to spur interest rate swap market
Launch of the CNH Hibor to lead to an increase in CNH loans and hedging instruments such as floating rate notes and interest rate swaps
The launch of the CNH Hong Kong interbank offered rate (CNH Hibor) in June 2013 will spur growth in the market for renminbi-denominated loans and hedging products such as interest rate swaps and other derivatives products, say market participants.
On April 25, the Hong Kong Monetary Authority (HKMA) announced that CNH Hibor fixing will begin in June and include tenors of overnight up to 12 months, calculated from rates contributed by 15 to 18 reference banks that are active in the RMB interbank
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