Hong Kong launches renminbi Hibor fixing
The Hong Kong Monetary Authority (HKMA) and Treasury Markets Association (TMA) today revealed that a new offshore renminbi fixing will be introduced starting on June 24.
A total of eight tenors will be calculated daily and published by the TMA, based on submissions from 16 contributing banks. The three highest and three lowest bids will be removed and an average taken of the remaining submissions. Thomson Reuters, which also calculates the Libor rate, has been appointed as the calculating agent
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