Sowing the seeds of regulation


China's regulators have opened up the derivatives market at an exhilarating pace over the past year. Since the approval last August for banks to trade in renminbi-denominated cross-currency swaps, the central bank has also opened up the interest rate swaps market, with the first transaction done between China Everbright Bank and China Development Bank in February.

We talk to Ralph Liu, the US-based derivatives specialist who was involved in the first renminbi interest rate swap during his ten

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