People's Bank of China, Circular on Matters Relevant to the Engagement in Renminbi Interest Rate Swap Business

中国人民银行关于开展人民币利率互换业务有关事宜的通知

April 02, 2008 | BY

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Interest rate swaps allowed for all market participants in the national interbank bond market.

Issued: January 18 2008
Effective: 30 days after the date of issuance

Applicability: The term “renminbi interest rate swap” (Interest Rate Swap) refers to a financial contract whereby both parties to the transaction agree to exchange their interests calculated according to the agreed renminbi principal and interest rate within a certain time period in the future.

The reference interest rate for Interest Rate Swaps shall be the market interest rate that serves as a base on the interbank market announced by organizations such as the National Interbank Loans Centre as authorized by the People's Bank of China (PBOC) or the base interest rate announced by the PBOC (Article 1).

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