Interest rate swaptions launched in China

HSBC and Standard Chartered complete the first option on non-deliverable renminbi interest rate swaps creating new hedging opportunities for China market participants.

HSBC and Standard Chartered have opened the market for options on non-deliverable renminbi interest rate swaps with a Rmb50 million five-year trade brokered by GFI Group.

It is hoped that investors and corporates will take to renminbi swaptions in the same way they have taken to non-deliverable interest rate swaps, which the two banks pioneered in mid-August this year û since that first Rmb100 million contract the market has traded almost Rmb7 billion in swaps.

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