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HSBC pleased with further opening of financial derivatives market
By Hu Xiaocen |
June 11, 2012, Monday
|
Online Edition
Online Edition
HSBC China said it completed a currency swap with Industrial Bank Co without principal exchange after China's foreign exchange regulator allowed such financial derivatives to be traded in the interbank market.
"We are glad to see the regulator progressively expanding the scope of products that can be traded in the interbank market," David Liao, managing director and head of global markets at HSBC China said in a statement today. "The new derivative is expected to invigorate further interbank trading and enable banks to provide better hedging solutions to clients."
The lender said it completed a CNY/USD swap with a principal amount of US$10 million, without exchanging the principle with Industrial Bank. Only the interest payments of the loan were swapped.
China's foreign exchange regulator issued a notice last week allowing banks that trade in the interbank market to start trading non-principal-exchange currency swaps as of today.
A non-principal-exchange currency swap is a foreign exchange agreement between two parties to exchange the interest payments of a loan in one currency for the equivalent aspects of an equal value loan in another currency.
"We are glad to see the regulator progressively expanding the scope of products that can be traded in the interbank market," David Liao, managing director and head of global markets at HSBC China said in a statement today. "The new derivative is expected to invigorate further interbank trading and enable banks to provide better hedging solutions to clients."
The lender said it completed a CNY/USD swap with a principal amount of US$10 million, without exchanging the principle with Industrial Bank. Only the interest payments of the loan were swapped.
China's foreign exchange regulator issued a notice last week allowing banks that trade in the interbank market to start trading non-principal-exchange currency swaps as of today.
A non-principal-exchange currency swap is a foreign exchange agreement between two parties to exchange the interest payments of a loan in one currency for the equivalent aspects of an equal value loan in another currency.
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