BofA Swaps $10M FX In Asia

Bank of America (BofA) has traded currency swaps with an Asian grain and oil company, The Wall Street Journal reports. The four dollar-yuan currency swaps have a combined notional amount of about $10 million.

As per the four one-year contracts, the corporate client will receive a yuan-denominated fixed interest rate of 3% and pay an unspecified dollar fixed rate in exchange. China’s currency regulator has approved banks to transact currency swaps directly with corporate clients from March 1, 2011, adds Bloomberg.

Click here for the story from The Wall Street Journal.

Click here for the additional coverage from Bloomberg.