First yuan IR swap for China
NEWS
China Everbright Bank (CEB) and China Development Bank (CDB) agreed to trade the swap after receiving government approval on October 10.
The CEB will pay a fixed interest rate of 2.95% over the next 10 years on a notional value of five billion yuan (US$617 million) to CDB.
CDB will pay CEB a floating one-year deposit rate over 10 years, according to an official quoted in local press.
The deal has been welcomed by industry watchers and FX traders disappointed by the pace of China’s financial
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