Currency instability and a lack of transparency in domestic bank deal reports is more of an impediment to growth in the offshore renminbi loan market than the lack of a reference rate for pricing, the Asia Pacific Loan Market Association (APLMA) vice chairman and China committee chair, Wilson Wan, said in January.
His comments followed APLMA chair John Corrin's call for an interbank reference rate to improve liquidity in the market. Corrin told IFLR sister publication Euroweek that a market wide reference rate urgently needed to be launched to enable banks to get the market going.
Hong Kong's Treasury Market Association (TMA) last week began...