The Bank of China (BOC), Shanghai branch, successfully opened the first international financial organization's free trade zone account for the new development bank today. It successfully Syria Shanghai FTA split accounting unit under the first international financial organization currency interest rate swaps The CCS business is a dollar against RMB, with a period of 5 years.
The new development bank, established in July 2015, is the first international multilateral development bank established and dominated by emerging market countries for the first time. The opening of the free trade area account and the development of CCS business not only indicate that the new development bank has become the first international financial organization to open an account in the free trade area. At the same time, it successfully implemented the three international financial organizations based on the Shanghai free trade area trading platform, which is linked by the free trade area account in the territory. RMB funds raised by issuing bonds were successfully converted into FTN accounts for us dollar funds for overseas projects through its account opened under the separate account unit of the FTA. And the exchange rate and interest rate risk of future project repayment, as well as the financial cost are locked.
Bank of China is the most international and diversified bank in China. We have been committed to supporting the development and construction of the Shanghai free trade zone, and constantly providing diversified financial services through product innovation. As the lead underwriter and bookkeeper of the green financial bonds issued by the new development bank, and the first bank to sign an ISDA agreement with the new development bank, this is the first time that bank of China has opened a free trade account and a CCS operation for international financial organizations in the free trade area. It also broadens the model of business cooperation between the bank of China and the international financial organization. This will provide a solid foundation for future Chinese Banks to better serve the international financial organization and further consolidate their superiority in the area of financial product innovation in free trade zones.