Global EditionASIA 中文双语Français
Home / Business / Finance

Bank of America branch approved for RMB interest rate swaps | Updated: 2019-03-22 11:02
A clerk counts yuan bank notes and US dollar bills at a bank in Huaibei, East China's Anhui province. [Photo/IC]

The Bank of America, N. A. Shanghai Branch (BANA Shanghai) has been approved to engage in RMB interest rate swaps (IRS) after becoming the first US non-body corporate member of Shanghai Clearing House.

Shanghai Clearing House said the move implements measures introduced by the People's Bank of China, the country's central bank, on centralized clearing of RMB IRS between banks, as well as the clearing mechanism for standardized over-the-counter financial derivatives rolled out by the G20.

BANA Shanghai completed its first RMB IRS deal on March 19, with relevant information provided to the US Commodity Futures Trading Commission (CFTC) by Shanghai Clearing House in accordance to agreement.

Shanghai Clearing House added it would continue the service BANA Shanghai and support its diversified development of interest rate derivatives.

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349