RMB Non-Deliverable Interest Rate Swaps (CNY NDIRS) /RMB Deliverable Interest Rate Swaps (CNH IRS)

The CNY NDIRS involve counterparties swapping fixed-interest payments for floating-rate payments based on the same underlying notional principal, on fixed dates over the life of the contract, with the net cash settled in US dollars.

The CNH IRS refers to the financial agreement, entered into by both parties of transaction for swapping fixed-interest payments for floating-rate payment based on the same underlying notional principal,on fixed dates over the life of the contract, and will be settled in CNH