By Michael C. S. Wong, Wilson F. C. Chan (eds.)
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Extra resources for Investing in Asian Offshore Currency Markets: The Shift from Dollars to Renminbi
New York: McGraw-Hill Irwin. Shenoy, D. 2008. ICICI in More Trouble? in/2008/07/icici-inmore-trouble/ (accessed 10 May 2012). State Bank of India. 2012. Press Release FY 2011–2012. pdf (accessed 25 May 2012). Sturzenegger, F. and Zettelmeyer, J. 2007. Debt Defaults and Lessons from a Decade of Crises. Boston: MIT Press. 3 US Dollar Interest Rate Fixings in Offshore Currency Markets: The Puzzles of Volatility and Funding Cost Wilson C. F. Chan and Michael C. S. Wong Introduction Most international corporations raise funds in US dollars (USD).
One commonly used indicator of short-term funding cost of banks on USD is the three-month LIBOR. The interbank deposits for tenors longer than three months are inactive. Brousseau et al. (2009) show that 96 per cent of unsecured interbank daily turnovers are tenors of up to one month (on both the lending and the borrowing sides). 7 per cent of some banks’ activities. When analysing the maturities of fixings, ranging from overnight, to one week, to one year, Brousseau et al. (2009) argue that the most important tenor is three months because it has relevant future contracts.
Among the panel members for LIBOR and SIBOR fixings, 6 per cent and 13 per cent of them are triple-A rated banks, respectively (according to either Moody’s or S&P). However, there are no triple-A rated banks in the panel for HIBOR fixings. If both triple-A and double-A are considered, only 25 per cent of the panel members for HIBOR fixings are covered. Such a ratio is is 81 per cent and 76 per cent for LIBOR and SIBOR fixings respectively. This may explain that, in crisis periods, the USD fixings in Hong Kong have higher upward swings because the interbank market worries about both liquidity risk and counterparty risk.
Investing in Asian Offshore Currency Markets: The Shift from Dollars to Renminbi by Michael C. S. Wong, Wilson F. C. Chan (eds.)