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Swap rate hits new low amid PBOC measure

The benchmark interest-rate swap declined toward a 13-month low on speculation policy makers will step up monetary easing after the nation's manufacturing gauge underscored a deeper slowdown in Asia's biggest economy. Growth slowed from September for output, new orders, new export orders, stockpiles and expectations, according to the statement released on Nov 1. The cost of one-year swaps, the fixed payment to receive the floating seven-day repo rate, dropped two basis points to 3.08 percent, according to data compiled by Bloomberg.

ABC sells preference shares to raise 40 billion yuan