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Index2 a spread over U.S. Treasury bonds of a similar maturity. Typically, payments made by one counterparty are based on a floating rate of interest, such as the London Inter Bank Offered Rate (LIBOR) or the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap , while payments made by the other counterparty are based on a fixed rate of interest, normally expressed as The maturity, or “tenor,” of a fixed-to-floating interest rate swap is usually between one and fifteen years. By conven tion, a fixed-rate payer is designated as the buyer of the swap, while the floating-rate payer is the. | ISRI lakyara vol.148 China resumes interest rate liberalization Takeshi Jingu 10. September. 2012 Nomura Research Institute Ltd. Executive Summary In the first half of 2012 Chinese financial reform progressed faster than previously anticipated with a proposed capital account liberalization timeline released in February the renminbi s trading band widened in April for the first time in five years and interest rate liberalization resuming in June after an eight-year hiatus. Takeshi Jingu Chief Researcher Nomura Research Institute Beijing Ltd. Interest rate liberalization resumes after 8 year hiatus China s ongoing financial reforms were expected to proceed apace in 2012 irrespective of this autumn s leadership transition but they progressed faster than anticipated in the first half of the year Exhibit 1 . NOTE 1 http www.nri.co.jp english opinion lakyara 2012 pdf lkr2012138.pdf In February the People s Bank of China Financial Survey and Statistics Department unveiled a proposal to liberalize China s capital account in three phases over the next 10 years1 . Capital account liberalization involves exchangerate flexibility if China is to maintain domestic monetary policy latitude . It also hastens interest rate liberalization as exemplified by Japan s experience in the 1980s. In fact the PBOC s proposal stated that if China were to wait until Exhibit 1 Chinese financial liberalization in first half of 2012 Source NRI 2012 Nomura Research Institute Ltd. All Rights Reserved. 1 China resumes interest rate liberalization vol.148 conditions were perfectly ripe for interest rate and exchange rate liberalization and renminbi internationalization as a prerequisite for capital account liberalization it would end up waiting forever. The PBOC thus signaled its intent to carry out capital account exchange rate and interest rate liberalization simultaneously. Against such a backdrop the PBOC announced on April 14 that it would widen 2 Published by the China Foreign the renminbi s .