SHANGHAI: The Hong Kong Monetary Authority (HKMA) said it would launch an interbank offered rate for the offshore yuan market (CNH) in June, a long-awaited move that will facilitate the creation of more hedging options for those investing or trading in the currency.
The decision to create a CNH HIBOR fixing would both support the development of the offshore yuan market and also enhance Hong Kong’s competitiveness as a centre for offshore yuan business, Peter Pang, chairman of the executive board of the Treasury Markets Association in Hong Kong and deputy chief of the HKMA said in a news release.
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