China launches RMB central IRS clearing, corporate margins may follow
China’s central bank launched a voluntary Shanghai Clearing House for renminbi interest rate swaps in a bid to mitigate counterparty risk.
China launched the Interbank Market Clearing House (Shanghai Clearing House) on January 2 with the prime responsibility of clearing interest rate swaps. The clearing house is an attempt to lower the substantial systematic risks created by the over-the-counter (OTC) derivatives market, and increase market efficiency.
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