Development of the RMB Cross-border Settlement

Launch of the money reference rate for offshore RMB

CNH has been added to HIBOR as the money reference rate for the offshore RMB since Jun-2013.

Benchmark of offshore renminbi

Benchmark of offshore renminbi

(as of Sep-2016)

The new benchmark has made the offshore RMB money market much more transparent and, has accelerated the offshore derivative market (Interest Rate Swap etc.).

*TMA : Treasury Market Association
TMA is the association founded on the purpose for the development of Hong Kong financial market.