First non-deliverable RMB rate swap traded

HSBC and Standard Chartered Bank have traded what they believe to be the first renminbi (RMB) non-deliverable interest rate swap transaction. The RMB100 million ($12.5 million) transaction has a three-year tenor and involves Standard Chartered paying a fixed rate of 3.09% in return for a floating rate paid by HSBC. The trade was brokered by Nittan Capital Asia.

“The RMB non-deliverable interest rate swap has been developed by the Treasury Markets Association (TMA) to match the needs of the marke

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