First offshore renminbi swaption accomplished in Hong Kong

Hong Kong harbour

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here