The central parity of RMB against USD is determined in the following way: The CFETS first enquires prices from all market makers before the opening of the market on each business day. Market makers should refer to the closing rate of the inter-bank foreign exchange market on the previous day, in conjunction with demand and supply condition in the foreign exchange market and exchange rate movement of the major currencies. CFETS excludes the highest and lowest offers, and then calculates the weighted average of the remaining prices in the sample as the central parity of RMB against USD for the day. The weights are determined by the CFETS in line with the transaction volumes of the respective market makers in the market as well as other indicators such as the performance of market-making.
The central parity of RMB against HKD is calculated by counting the cross rates between the RMB central parity and the exchange rates of USD against HKD quoted at international FX market at 9:00 am, respectively.
The central parity of RMB against EUR, JPY, GBP, AUD, NZD, SGD, CHF, CAD, MYR, RUB, ZAR, KRW, AED, SAR, HUF, PLN, DKK, SEK, NOK, TRY, MXN and THB are determined in the following way: the CFETS enquires prices from market makers for EUR, JPY, GBP, AUD, NZD, SGD, CHF, CAD, MYR, RUB, ZAR, KRW, AED, SAR, HUF, PLN, DKK, SEK, NOK, TRY, MXN and THB respectively before the opening of the foreign exchange market on each business day,and excludes the highest and lowest offers, and then calculates the average of the remaining prices as the central parity of RMB against EUR, JPY, GBP, AUD, NZD, SGD, CHF, CAD, MYR, RUB, ZAR, KRW, AED, SAR, HUF, PLN, DKK, SEK, NOK, TRY, MXN and THB for the day.
On the last business day of each month, CNY reference rates are calculated by counting respectively the cross rates between the RMB central parity and the exchange rates of USD against those currencies quoted at international FX market at 9:00 am (Beijing time). Those rates published are for reference only.
Shibor (Shanghai Interbank Offered Rate) is calculated, announced and named on the technological platform of the National Interbank Funding Center in Shanghai. It is a simple, no-guarantee, wholesale interest rate calculated by arithmetically averaging all the interbank RMB lending rates offered by the price quotation group of banks with a high credit rating. Currently, the Shibor consists of eight maturities: overnight, 1-week, 2-week, 1-month, 3-month, 6-month, 9-month and 1-year.
The price quotation group of Shibor consists of 18 commercial banks. These quoting banks are primary dealers of open market operation or market makers in the FX market, with sound information disclosure and active RMB transactions in China's money market. Shibor Working Group of PBC decides and adjusts the panel banks, supervises and administrates the Shibor operation, and regulates the behavior of the quoting banks and the specified publisher in accordance with the Implementation Rules of Shibor.
National Interbank Funding Center is authorized to calculate and publish Shibor. At 11:00AM (Beijing Time) each business day, Shibor of the eight maturities will be published at www.shibor.org after arithmetically averaging all the quotations of the 18 banks, with the four highest and four lowest quotations excluded.
1: Issuing Interest Rate of 3-month government bill is selected from the corresponding yield referring to the price which is issued by Ministry of Finance (MOF) of China.
2: Yield of 1-year government bill and yield of 10-year government bond are selected from CFETS government bond real-time mean curve at 11:30AM every trading day. CFETS government bond real-time mean curve represents the average of the bid curve and the ask curve. The bid/ask curve takes daily bilateral bid/ask quotations, bid/ask quotations from money brokers, and historical bid/ask quotations as a sample, and is formed by joining together each bid/ask quotation points with straight lines.
1: The spot rate takes the central parity of RMB, which is calculated by prices bidden by the major market makers in China's interbank foreign exchange market.
2: The 3-month and 6-month forward rate are the median of each derivative's best bid and ask price at half past eleven of the day.
1. CFETS RMB Index mainly refers to CFETS (China Foreign Exchange Trade System) currency basket, including CNY versus FX currency pair listed on CFETS. The sample currency weight is calculated by international trade weight with adjustments of re-export trade factors. The sample currency value refers to the daily CNY Central Parity Rate and CNY reference rate (e.g. THB). The baseline date is 31th Dec 2014. The baseline index value is 100 points. The index is calculated by the geometric mean method.
2. RMB Index based on BIS Currency Basket mainly refers to BIS currency basket. The sample currency weight is in accordance with BIS sample currency weight. As to CNY versus FX currency pair listed on CFETS, the sample currency value refers to the daily CNY Central Parity Rate and CNY reference rate (e.g. THB). Otherwise, the sample currency value is calculated as the cross currency FX rate based on cross currency method with the daily USD Central Parity Rate and FX spot rate of this currency against USD. The baseline date is 31th Dec 2014. The baseline index value is 100 points. The index is calculated by the geometric mean method.
3. RMB Index based on SDR Currency Basket mainly refers to SDR currency basket. The sample currency weight is calculated as the relative weights in SDR currency basket. The sample currency value refers to the daily CNY Central Parity Rate. The baseline date is 31th Dec 2014. The baseline index value is 100 points. The index is calculated by the geometric mean method.
LPR (Loan Prime Rate) is the commercial banks loan rate providing to their best customers. The other loan rates are based on it. The LPR centralized quote and publish mechanism is based on the best loan rate quotations of commercial banks. The authorized publisher calculates weighted average interest rate, and publishes the LPR average rate. Currently, the LPR publishes 1-year maturity.
Now the quotation group of LPR consists of 10 commercial banks. The panel banks should meet the requirements of financial restricted conditions and macro prudential policy framework, have high systematically important, foundation impact in the market, and stronger comprehensive strength, established well internal yield curve and FTP mechanism, have stronger ability of independent pricing, established measures on managing LPR. Self-regulatory Mechanism of Market Interest Rate Pricing decides and adjusts the panel banks, supervises and administrates the LPR operation, and regulates the behavior of the panel banks and the authorized publisher in accordance with Code of conduct.
National Interbank Funding Center is the authorized publisher of LPR. At 11:30AM (Beijing Time) each business day, LPR average rate will be published after weighted averaging all the quotations of the panel banks, with the highest and lowest quotations excluded.
Interbank fixing repo rate is a benchmark rate based on repo trading rate for interbank market between 9:00-11:30 a.m. every trading day, and the calculation method is compiled with international experience. Repo Rate is released to the public at 11:30 a.m. on each trading day.Fixing repo rate comprises FR001, FR007, FR014, FDR001, FDR007 and FDR014. Among fixing repo rate,FDR001, FDR007 and FDR014 are fixing depository-institutions repo rate.
For 7-day repo weighted moving average rate in interbank market (i.e. the original "benchmark of interest rate ," hereinafter referred to as weighted moving average rate) , its data are based on 7-day repo rate ( R007) in interbank market. As a statistically integrated instrument, R007 actually covers pledged repo transactions with terms of 2-day, 3-day, 4-day, 5-day, 6-day, and 7-day, and is a conventional definition in line with market practice. The calculation process involves three stages of abnormal data treatment, intraday weighted data generation and moving average rate calculation.
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