RMB rate swaps approved


The People's Bank of China (PBOC) has started giving out approvals on a deal-by-deal basis for renminbi-denominated interest rate swaps. Bank of China was the first to arrange a transaction for a client, while another transaction between China Everbright Bank (CEB) and China Development Bank (CDB) is awaiting government approval.

On October 12, Shenzhen Daily reported that CEB and CDB entered into the first interbank RMB interest rate swap, based on a notional principal of RMB5 billion (US$617

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