Why HK treasurers are dragging feet over finding Libor alternative
Amid warnings to embrace new reference rates, corporates in Hong Kong are happy to maintain the status quo until their banking partners step up to the plate and act.
Regulators in Hong Kong and the US have issued urgent calls requesting corporates to embrace alternative reference rate products now and be sufficiently prepared for the phaseout of the London Interbank Offered Rates in three years. But the situation on the ground shows corporate treasury departments are dragging their feet, expecting financial intermediaries to spearhead the change.
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