PBOC pledges to improve interest rate system, to help banks shift to DR based system from Libor

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Chinese central bank pledges to improve interest rate system and help banks to shift from the London Interbank Offered Rate (Libor) to a self-designed interbank repo rate, to align with international efforts ahead of the end of LIBOR at the end of 2021.

The People's Bank of China (PBOC) has formulated a roadmap and timetable for domestic benchmark conversion, based on international consensus, according to a white paper released by the central bank this week.

The moves include application of new benchmark interest rates, the promotion of benchmark conversion for newly signed contracts . . .

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