Citi and Industrial do first onshore Shibor yuan swap

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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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