China plans onshore renminbi cross-currency swap

Interest rate traders are hoping China's opening up of its cross-currency swap market to corporate users will bolster their appetite for renminbi derivatives, as mainland corporates have increased access to renminbi funding for trade settlement via both the onshore and offshore market.

The State Administration of Foreign Exchange (Safe) said this week in a notice that, from March 1, designated foreign exchange banks can start offering renminbi cross-currency swaps to corporate clients one year