FX Markets

First non-deliverable RMB rate swaps traded

The first of the two deals is a three-year transaction, valued at RMB100 million ($12.5 million), between the two banks. Here, Standard Chartered is paying HSBC a fixed interest rate at 3.09%, while HSBC pays a floating rate. The broker is Nittan Capital Asia.

In the second trade, HSBC is counterparty to an undisclosed corporate client. As part of the one-year transaction, valued at RMB10 million, the bank will receive a floating interest rate and pay a fixed rate in return.

Michael Bass, global

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