Crédit Agricole Corporate CIB completed its first onshore USD/CNY Cross-Currency Swap linked to SOFR with Bank of China

The Bank announced that Crédit Agricole Corporate & Investment Bank (China) Limited has successfully done the first CNY/Secured Overnight Financing Rate (SOFR) cross-currency swap with Bank of China.

Crédit Agricole Corporate and Investment Bank (“Crédit Agricole CIB” or “the Bank”) is pleased to announce that Crédit Agricole Corporate and Investment Bank (China) Limited has completed the first onshore USD/CNY CrossCurrency Swap (CCS) linked to Secured Overnight Financing Rate (SOFR) with a major Chinese bank on 20 April 2020. This is a milestone transaction for the China onshore over-the-counter (OTC) derivatives market as it is the first SOFR linked USD/CNY CCS transaction after the introduction of the benchmark reform by international regulators. 
Nicolas Vix, President of Crédit Agricole Corporate and Investment Bank (China) Limited commented, “We are excited to be at the forefront of innovation and are fully committed to the development of China’s financial markets.”
Dominique Blanchard, Regional Head of Global Markets Division, Asia Pacific added, “We are honoured and proud to be the first bank involved in this landmark transaction. With ‘Working every day in the interest of our customers and society’ as our raison d’être, we will continue to work closely with our local counterparties and clients in China to connect local markets with the global markets.”