OREANDA-NEWS. June 13, 2013. Recently, as invited by the Hong Kong Monetary Authority, Hong Kong Branch of Agricultural Bank of China Limited (ABC) became one of the 18 banks for CNH HIBOR fixing.

In recent years, with Hong Kong’s increasing efforts in developing the offshore renminbi (RMB) market, RMB capital and business volume rapidly rise, and there is an increasing need for an offshore RMB interest rate benchmark.

To this end, the Treasury Markets Association announced on 25 April its plan to launch the CNH Hong Kong Interbank Offered Rate (CNH HIBOR) fixing in June 2013.

After strict and objective screening, ABC Hong Kong Branch became one of the price fixing banks. By relying on the mighty strength of its parent bank, the branch actively builds up the ABC offshore RMB business center. In recent years, it has been active in the Hongkong RMB market and participating in various market trading activities. It has already become the market maker for RMB currency and foreign exchange swap. While promoting development of the RMB financial market in Hongkong, it has been increasingly elevated in its market position. Earlier before, ABC Hong Kong Branch was already HKD HIBOR fixer, USD HIBOR fixer, CNY NDF fixer and CNH spot price fixer. Its market influence has been continuously strengthened.