Playing it safe



In August last year, the Asian Development Bank (ADB) asked the People's Bank of China (PBOC) for permission to conduct a renminbi-denominated interest rate swap, ahead of a planned RMB1 billion ($124 million) bond issue. On October 10, the bond issue was executed and the accompanying press release proudly informed the markets of the ADB's intention to follow up with China's first interest rate swap. As of mid-December, despite several meetings between the PBOC and the ADB, the swap remained

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