China launches benchmark Shibor rate
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The Shibor rate was introduced by the People's Bank of China (PBoC) to establish a benchmark interest rate system for the country, marking a milestone in the evolution of its rates market.
Anita Fung, head of global markets, Asia-Pacific at HSBC in Hong Kong, said the new benchmark has immediately begun to receive great interest from offshore investors. "We expect to see rapid development of derivatives products based on Shibor."
The bank traded the first non-deliverable interest rate swap in
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