China relaxes RMB derivatives rules

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The People's Bank of China (PBOC) issued new regulations in August allowing banks to offer renminbi cross-currency swaps for the first time. The regulations also make it possible for more banks, including foreign banks, to get approval to offer renminbi forwards.

The regulations also allow banks to trade renminbi forwards and cross-currency swaps in the interbank market, where only spot foreign exchange trades are conducted currently. Non-bank companies, such as insurance companies and asset

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