Crédit Agricole Corporate and Investment Bank announced that its China division has completed the first onshore USD/CNY cross-currency Swap (CCS) with BAnk of China linked to the Secured Overnight Financing Rate (SOFR). It’s the first SOFR-linked USD/CNY CCS transaction in the China onshore over-the-counter (OTC) derivatives market after the introduction of the benchmark reform by international regulators.
Nicolas Vix, president of Crédit Agricole Corporate and Investment Bank (China), said in a statement: “We are excited to be at the forefront of innovation and are fully committed to the development of China’s financial markets.”
Dominique Blanchard, regional head of Global Markets Division, Asia Pacific, said in a statement: “We are honoured and proud to be the first bank involved in this landmark transaction. With ‘Working every day in the interest of our customers and society’ as our raison d’être, we will continue to work closely with our local counterparties and clients in China to connect local markets with the global markets.”