Citi trades first ever CNH/USD cross–currency swap transaction

Transaction will be effective in early July.

Citi Hong Kong Markets traded the first CNH/USD Cross–Currency Swap transaction using the 3-month CNH HIBOR as the pricing benchmark with Bank of China (Hong Kong) Limited (BOCHK).

This landmark transaction marks the first trade of its kind in the market and is a new milestone in the offshore RMB business following the announcement by Treasury Markets Association (TMA) on 25 April to launch the CNH HIBOR fixing in June 2013.

The transaction, serving as a tool to hedge against interest rate risks, will be effective in early July with a 12-month contract period. Interest rates for the two currencies are fixed every 3 months and are calculated based on the 3-month CNH HIBOR and the 3-month USD LIBOR respectively.

This deal underlines Citi’s strong RMB trading capabilities and continued focus in establishing our offshore RMB presence with innovative products and solutions. As a pioneer in RMB internationalization, Citi has been providing the full suite of RMB products and services leveraging our global network to provide robust solutions to our clients.

Also Read

Citi appoints new sales head for key Asian markets

Natixis CIB appoints new APAC equity derivatives head

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

What is Lorem Ipsum?

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Evergreen Group obtains financing license to expand in Malaysia