Standard Chartered Bank (Hong Kong) announced the completion of the first interest rate swap contract priced based on the renminbi-denominated Hong Kong interbank offered rate for a Hong Kong corporate client.
The 12-month interest rate swap contract is based on the benchmark of 3-month renminbi-denominated Hong Kong interbank offered rate.
This marks the offshore renminbi entered a new trading pattern in the process to go international.
Source:
http://www.sinocast.com/readbeatarticle.do?id=94065
