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.
ôI don't think we'll see that level of activity to begin with,ö says Justin Chan, head of Hong Kong dollar interest rates and derivatives trading at HSBC. ôBut it's normal to see swaptions rising in popularity when markets are...
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