National Commercial Bank
Short-term borrowing between banks based on creditworthiness of the counterparties.
Term in 11 options: 1 day, 7 days, 14 days, 21 days, 1 month, 2 months, 3 months, 4 months, 6 months, 9 months, 12 months, negotiable between the parties from the shortest of 1 day to the longest of 1 year.
State-owned commercial banks, joint-equity banks, city commercial banks, rural credit cooperatives, securities companies, financial companies, foreign banks licensed by PBOC to run RMB services in China.
1. Price: verbal quotation between two parties;
2. Close: One party sends the borrowing instruction via China Inter-Bank Market System. Deal close when the other party approve and print the closing slip;
3. Settle: Once the deal and settlement date confirmed by both parties, borrowing bank receives monies from the lending bank and repays principal and interest in full upon maturity.
Negotiate between the two parties referencing the China inter-bank offered rate.