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April 2, 2016

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Swap on trial

COMPANIES in China will be allowed to offset their currency swap positions directly with other counterparties on a trial basis, the foreign exchange market operator said yesterday, in a minor reform to currency trading.

Only designated market markers for swaps and forwards can conduct the offset trades, the China Foreign Exchange Trading System, a unit of the Chinese central bank, said in a statement.

The mutual liquidation of swap positions aims at allowing banks and other financial institutions to do more derivative trades as their current business scale is curbed by official limits.


 

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