The clearing bank facilitates payments and acts as the counterparty to North American financial institutions and to the PBOC. The clearing bank participates in CNAPS and has an account and access to liquidity with the PBOC.

Visit their website at Clearing Bank .

CIPS is a planned RMB payment infrastructure similar to SWIFT that will facilitate onshore clearing of RMB.

Link to the website - coming soon.

CNH, also known as offshore RMB, refers to RMB traded outside of Mainland China. The industry introduced the term CNH to differentiate RMB traded offshore from RMB traded onshore.

Link to the website - coming soon.

CNY, also known as onshore RMB, is the legal tender in Mainland China, and is issued by the People’s Bank of China.

Link to the website - coming soon.

Bonds denominated in the Chinese currency sold in Hong Kong.

Link to the website - coming soon.

Cash flows settled through deliverable contracts are done in the currency of each obligation and are therefore not netted. 

Link to the website - coming soon.

An interest rate stated in Hong Kong dollars on the lending and borrowing between banks in Hong Kong interbank market. Term ranges from overnight to one year. In 2013, an additional fixing was launched for offshore Chinese Renminbi (“CNH”), designated as CNH HIBOR.

Non-Deliverable products have all cash flows settled on an agreed hard currency (USD), regardless of the currency denomination of the obligation. A non-deliverable forward refers to a cash-settled, short-term forward contract on a thinly traded or non-convertible foreign currency.

Link to the website - coming soon.

Chinese central bank which controls monetary policy and regulates financial institutions; responsible for RMB internalization project.

Visit their website at People’s Bank of China (“PBOC”).

Renminbi (“the people’s currency”) is the official name of the currency. RMB is the abbreviation for Renminbi.

Link to the website - coming soon.

Regulates foreign exchange administration system and manages China’s foreign exchange market.

An area in Shanghai designated by the government for institutional reform, liberalization, and innovation in investment, foreign trade, finance, and post-filing supervision. Established in September 2013 as a pilot project, it introduced free market reforms to ease financial, currency restriction, and administrative control burdens.

Visit their website at Shanghai Free Trade Zone.

Shanghai-Hong Kong Stock Connect is a program that establishes access between the two markets. It will allow international investors to trade in a number of shares listed in Shanghai without having to apply for individual licenses and quotas, and for domestic Chinese investors to trade in some Hong Kong stocks.

Visit their website at Shanghai-Hong Kong Stock Connect.

The Shibor is the benchmark interest rate of China's money market, which has been calculated and announced by the China Foreign Exchange Trade System (“CFETS”) under the authorization of the PBC since January 4, 2007. Shibor is a simple, unsecured, wholesale interest rate calculated by arithmetically averaging all the interbank RMB lending rates offered by the panel banks.

SWIFT provides a network for financial institutions to send and receive information about financial transactions.

The name of the unit of the Chinese currency, RMB.

Link to the website - coming soon.

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