# Banks trade first USD/CNY cross-currency swap versus SOFR - FX Markets

> Crédit Agricole and Bank of China completed the first onshore yuan-dollar cross-currency swap referenced to SOFR, a $10 million one-year trade struck on April 21. Bank of China receives compounded SOFR on the dollar leg and pays a fixed 0.48% on the yuan leg. The trade was confirmed on the China Foreign Exchange Trade System.

- Date: 2020-04-29 · published 2020-04-29T12:00:00.000Z
- Category: policy · region China · magnitude low
- Page: https://feedsoft.ai/events/53884-banks-trade-first-usd-cny-cross-currency-swap-versus-sofr-fx-markets
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

The trade is a financial market infrastructure development with no direct effect on feed supply or demand. It has negligible price implications for feed commodities.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2019-08-05 | [U.S. designates China as currency manipulator for first time in decades](https://feedsoft.ai/events/57796-u-s-designates-china-as-currency-manipulator-for-first-time-in-decades.md) | +1.8% | +3.1% |
| USDCNY | 2021-09-29 | [China currency market crackdown sees regulators restrict trading in US$30 trillion market, sources say \| South China Morning Post](https://feedsoft.ai/events/45273-china-currency-market-crackdown-sees-regulators-restrict-trading-in-us-30.md) | -0.2% | -1.1% |
| USDCNY | 2022-08-25 | [Dollar Vs. Yuan: China Acts to Prop up Faltering Currency With Strong Fix - Markets Insider](https://feedsoft.ai/events/40264-dollar-vs-yuan-china-acts-to-prop-up-faltering-currency-with-strong-fix-markets.md) | +0.5% | +3.2% |
| USDCNY | 2025-05-08 | [China’s yuan slips as PBOC guides currency lower - Markets - Business Recorder](https://feedsoft.ai/events/9620-china-s-yuan-slips-as-pboc-guides-currency-lower-markets-business-recorder.md) | -0.2% | -0.7% |
| USDCNY | 2023-07-06 | [China's yuan firms as central bank pledges again to stabilize currency](https://feedsoft.ai/events/35262-china-s-yuan-firms-as-central-bank-pledges-again-to-stabilize-currency.md) | -1.1% | -0.8% |

## Sources

- fx-markets.com: https://www.fx-markets.com/trading/7534831/banks-trade-first-usdcny-cross-currency-swap-versus-sofr

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.