Central Banking

Shanghai Clearing House becomes fifth in Asia to start OTC clearing

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Shanghai Clearing House (SCH) started clearing onshore renminbi (CNY) interest rate swaps on January 2 with a mandate expected in June, but the clearing house is unlikely to apply for Esma recognition according to lawyers.

Within the Asia-Pacific region, China is the latest country to start over-the-counter clearing after Australia, Hong Kong, Singapore and Japan. As a G-20 member, China is keen to comply with the commitment laid out at the Pittsburgh summit in 2009 to clear all standardised

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