China to enhance Swap Connect by extending tenor, use loan prime rate as reference

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The story "China to enhance Swap Connect by extending tenor, use loan prime rate as reference" was covered 6 hours ago by SCMP, a news publisher based in Hong Kong.

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China to enhance Swap Connect by extending tenor, use loan prime rate as reference - SCMP

Quick Summary:

Tenor of interest-rate swap contracts to be extended to 30 years, while contracts referencing the onshore loan prime rate will also be introduced.

It centralises clearing through mutual access in terms of trading, clearing and settlement, without changing trading habits and in compliance with the laws and regulations of both markets.

The scheme was updated last year to enable institutions to trim capital costs and foster active trading.