OREANDA-NEWS. January 20, 2014. The meeting to launch centralized clearing business of RMB interest rate swap was held in the Shanghai Clearing House. PBC Deputy Governor LIU Shiyu and Executive Vice Mayor Tu Guangshao of the Shanghai Municipal Government attended the meeting.

Representatives of commercial banks and other financial institutions commented that the launch of the centralized clearing business of RMB interest rate swap, as a pragmatic move in implementing the decisions of 3rd Plenary Session of the 18th CPC Central Committee, would help improve the financial market system, enrich layers and products on the financial market, and strengthen financial market infrastructure.

It will also facilitate the development of an overall framework for centralized clearing business of OTC financial derivatives, and is conducive to the safe, efficient operation and healthy development of OTC derivative market. Vice Mayor Tu Guangshao congratulated the Shanghai Clearing House on the introduction of the centralized clearing business of RMB interest rate swap and believed that the new business will help Shanghai in its effort to build a financial hub.