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Hallam Chow is a partner of Mayer Brown LLP and Head of Projects, China of Mayer Brown's Beijing office. His practice primarily involves project finance, structured finance and energy & infrastructure and oil & gas joint ventures, as well as bank & acquisition finance and asset-based finance, including aircraft, equipment and facility leasing.

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The People’s Bank of China (“PBOC”) released a white paper on August 31, expressing its intention to adopt the Depository-Institutions Repo Rate (“DR”) as the alternative substitute rate in the Chinese banking market. Several pricing indicators were used in Chinese banking market, including Repo Rate (“R”), DR, Fixing Repo Rate (“FR”), General Collateral Repo Rate (“GC”), Loan Prime Rate (“LPR”), China Interbank Offered Rate (“CHIBOR”) and Shanghai Interbank Offered Rate (“SHIBOR”). The white paper discusses the possibility of these indicators as alternative substitute rate and concludes that amongst these, DR has become the most important indicator amongst such rates in the PRC lending market. According to the white paper, DR is the indicator which best reflects the liquidity condition and financing interest rates in the banking system, and is already widely accepted by the market.

Continue Reading Depository-Institutions Repo Rate – China’s Response to LIBOR Transition