FX Markets

Banks trade first USD/CNY cross-currency swap versus SOFR

Risk-free rate sets new milestone with Crédit Agricole and Bank of China’s $10m trade

USD-CNY-cross-currency-SOFR-swap-debuts
  • LinkedIn  
  • Save this article
  • Print this page  

Crédit Agricole and Bank of China have transacted the first onshore Chinese renminbi versus US dollar cross-currency swap using the secured overnight financing rate (SOFR), breaking new ground in the acceptance of alternative reference rates in Asia.

The $10 million, one-year swap, struck on April 21, sees Bank of China receive compounded SOFR on the floating USD leg and pay a fixed rate of 0.48% on the CNY leg.

The trade was confirmed on the China Foreign Exchange Trade System platform.

Lili

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: https://subscriptions.fx-markets.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

Copyright Infopro Digital Limited. All rights reserved.

You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/

If you would like to purchase additional rights please email [email protected]

Copyright Infopro Digital Limited. All rights reserved.

You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/

If you would like to purchase additional rights please email [email protected]

To continue reading...

More on Trading

Follow Topics

Most read

  1. CLS proposes second-tier FX settlement system
  2. FX swaps clearing redux
  3. Swaps platform aims to cut out the banks – but not entirely
  4. Taiwan regulator open to more onshore insurer FX hedging
  5. Buy side hopes for best execution reporting carve-out

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: