|
|
|
|
|
|
| Thomson Reuters to further facilitate internationalization of renminbi |
TAIPEI, TW, Aug 28, 2014 - (ACN Newswire) - Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, has been appointed by Taipei Foreign Exchange Market Development Foundation (TFEMDF) as the official calculating agent for its offshore renminbi benchmark CNT TAIBOR (the Taipei Interbank Offered Rate).
This key industry rate provides a formal benchmark for market participants to reference when pricing renminbi loans, interest rate contracts and derivatives products. Its calculation is based on daily rate contributions by 15 regional and global banks and is published at 11:15 am every trading day in Taiwan, starting September 1.
The reference interest rate, along with rates submitted by individual banks, will be available immediately on Thomson Reuters Eikon, the company's next generation desktop for financial markets.
"We highly value the development of CNT TAIBOR as the benchmark forms an important part of the financial infrastructure of the offshore renminbi market. In addition, it will further develop Taiwan as an offshore renminbi market," said Chou A-Ting, Chairman of TFEMDF.
Thomson Reuters has been integral in bringing the renminbi to the heart of the global currency system and is helping to facilitate its growing internationalization by offering offshore renminbi reference rates to foreign exchange and money markets. Since 2011, the company has compiled and published Hong Kong's first offshore renminbi spot fixing rate - the Spot USD/CNY(HK) benchmark. In 2013, Thomson Reuters started calculating and publishing the offshore renminbi Hong Kong Interbank Offered Rate benchmark (CNH HIBOR). In Taiwan, Thomson Reuters has been offering financial benchmarks in the capacity of an administrator, calculator and distributor since 1996. The company continues to work closely with leading market participants in the global markets to offer representative benchmarks that serve to connect and empower the financial marketplace.
"Thomson Reuters is committed to contributing its expertise in the calculation, development and governance of benchmarks, and be a trusted and neutral provider in the global financial system," said Stuart Brown, head of Collaboration Services and Benchmarks, Asia, Thomson Reuters. "Through our role as a calculating agent for CNT TAIBOR we will be instrumental in the further development of offshore renminbi."
"This long awaited reference rate for CNT will bring more transparency and activity to the money markets as well as FX trading community in Taiwan and the region," said Beth Wei, president of Mega International Commercial Bank.
"Taiwan houses a significant amount of CNT deposits. The availability of a reliable interest rate benchmark will serve to benefit further internationalization of the renminbi currency," added Larry Hsu, group head of Global Capital Market division, CTBC Financial Holding Co.
The banks providing contributions to the calculation of the new benchmark are:
Bank of China (Taipei Branch)
CTBC Bank
China Development Industrial Bank
Bank Sinopac
E. Sun Bank
MEGA ICBC
Taiwan Cooperative Bank
Cathay United Bank
First Bank
Hua Nan Commercial Bank
Chang Hwa Bank
Taipei Fubon Bank
Taiwan Business Bank
Taiwan Shin Kong Bank
Bank of Taiwan
Contact:
Julie Wang Evans
PR Manager, Financial & Risk, Asia Pacific
Thomson Reuters
+852 2843 6367
julie.evans@thomsonreuters.com
Brian Mairs
PR Director, Financial Sectors
Thomson Reuters +44 20 7542 7866
brian.mairs@thomsonreuters.com
Topic: Press release summary
Source: Thomson Reuters
Sectors: Daily Finance, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
