Regulatory roundup: China central clearing for RMB swaps; India forwards more flexible
China launches central settlement for renminbi interest rate swaps; India eases FX forwards restrictions
China launches central settlement for renminbi interest rate swaps
China’s Interbank Market Clearing House (“Shanghai Clearing House”) launched central settlement for renminbi interest rate swaps on January 2, according to a People’s Bank of China memo. More than 90% of the interest rate swap transactions can be settled centrally, and all the existing institutions involved in interest rate swap trading are eligible to apply for centralised settlement, according to local news source Yicai, citing Xu Zhen, chairman of the Shanghai Clearing House.
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