Citi and Industrial do first onshore Shibor yuan swap



Citigroup and Industrial Bank have executed China's first onshore yuan interest rate swap based on the new Shanghai interbank offered rate (Shibor). The rate was launched on January 4 to establish a benchmark interest rate system for China's money market.

The swap, similar to the standard interest rate swap used internationally, is different from the seven-day repurchase rate prevalent in China. In an interest rate swap, a floating rate is confirmed referring to the latest three-month Shibor

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