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Interest rate swaps seek lower levels

The country's one-year interest-rate swaps dropped to a two-year low as slowing inflation boosted bets the central bank will implement more targeted easing measures. Consumer prices rose the least in almost five years, official data showed on Wednesday. The People's Bank of China cut the interest rate on 14-day repurchase agreements to 3.4 percent from 3.5 percent on Tuesday, after lowering it from 3.7 percent on Sept 18. The cost of one-year swaps, the fixed payment to receive the floating seven-day repo rate, fell two basis points, or 0.02 percentage point, to 3.10 percent in Shanghai, data compiled by Bloomberg show.

Sugar import quota unchanged