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The RMB Financial Market Products

1.RMB Spot / Forward / Optional Forward

Client can exchange RMB with other currencies for a predetermined price at the value date or within the optional value period.

2.RMB FX Swap

RMB Foreign exchange swap transaction allows clients to hedge RMB exchange rate and interest rate risk at the same time against other currencies.

3.RMB Interest Rate Swap / Currency Swap

RMB Interest Rate Swap refers to an agreement between two parties where one stream of future interest payments is exchanged for another based on a specified principal amount.

RMB Currency Swap refers to a swap that involves the exchange of principal and interest in RMB for the same in another currency.

These products are typically used to manage currency mismatch and hedge interest rates / exchange rate risk.

4.Onshore RMB Bond Issuance (Panda Bond)

Bank of China can facilitate overseas financial institutions and corporations wishing to access the RMB onshore market through the issuance of Panda Bonds.


CNY no-deliverable forward is a notional forward transaction as there will be no physical settlement of principal. At maturity, the difference between the contracted forward rate and the CNY fixing spot rate is settled in US dollar. The product provides a method to hedge USDCNY foreign exchange risk.

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