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China to launch trial SHIBOR-based bills

(XFN-Asia)
Updated: 2007-04-24 15:55

China plans to launch the country's first trial short-term bills based on the recently launched Shanghai interbank offered rate (SHIBOR) in the second quarter, the China Securities Journal reported.

Guo Jianwei, director of the interest rate department of the People's Bank of China (PBOC), said that the use of SHIBOR as a benchmark will be extended to all short-term bills in the third quarter, though the central bank will not force all corporate bond issues to use it.

The country's first corporate bond issue based on the SHIBOR was launched on April 18 by China National Chemical Corp.