The first over-the-counter offshore renminbi (CNH) swaption trade was conducted this week in Hong Kong between BNP Paribas and HSBC, representing another important step in the development of the newly tradable offshore delivered Chinese renminbi market.
The notional value of the BNP Paribas/HSBC swaption contract, brokered by Icap, was 50 million renminbi ($7.5 million). It was a one-year European swaption.
Pierre Themiot, head of interest rate group options for Asia ex-Japan at BNP Paribas in H
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