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News and Events - List of TMA news

Press Release ~ CNH HIBOR Fixing

25 Apr 2013


Press Release




The Treasury Markets Association (TMA) announced today (25 April) its plan to launch the CNH Hong Kong Interbank Offered Rate fixing (CNH HIBOR fixing) in June 2013.


As the offshore renminbi (RMB) market in Hong Kong grows, there is an increasing need for an offshore RMB interest rate benchmark for financial contracts to reference on.  The exact launch date will be announced upon completion of logistics arrangements, including the appointment of the reference banks and the calculating agent.


The planned CNH HIBOR fixing will include tenors of overnight, 1 week, 2 weeks, 1 month, 2 months, 3 months, 6 months and 12 months and will be calculated from rates contributed by 15 to 18 reference banks that are active in the RMB interbank market.  At present, the offered rates of 13 banks across these tenors are already being published on the website of the TMA for the information of market participants.  The launch of the fixing will provide a formal benchmark for market participants to make reference to in pricing their RMB loan and interest rate contracts.


Mr Peter Pang, Chairman of the Executive Board of the TMA and Deputy Chief Executive of the Hong Kong Monetary Authority, said “The TMA’s move to launch the CNH HIBOR fixing is very timely. It will support the further growth of the offshore RMB loan market by providing a reliable benchmark for the pricing of loan facilities. The fixing will also spearhead the development of the offshore RMB interest rate swap market and assist market participants to hedge the interest rate risk of their RMB business. These crucial developments will further enhance the competitiveness of Hong Kong as an offshore RMB business centre.”



Treasury Markets Association /

Hong Kong Monetary Authority

25 April 2013



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