Setting a template

The publication of a master agreement for renminbi-denominated forwards and swaps in July means there is now a standard regulatory template for derivatives use in China. Chin-Chong Liew, Benjamin Liu and John Xu of Linklaters outline the key features of the new document


China's derivatives market has reached several milestones over the past two years. But the publication of the much-anticipated RMB-FX Forward and Swap Master Agreement on July 24, 2006 by the China Foreign Exchange Trade Systems (CFETS), with the approval of the State Administration of Foreign Exchange (Safe), is a huge landmark. For the first time, 'single agreement', 'flawed assets' and 'close-out netting' - three cornerstones of the International Swaps and Derivatives master agreements(1) -

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