LIBOR转换——将大树连根拔起

LIBOR Transition——Uprooting the Gigantic Tree

LIBOR将于2021年底不再用作基准利率,金融机构实施多方面改革加以应对。文章对基准转述换作出简介,重点阐述了LIBOR和RFR的主要区别,指出基准转换将带来四个方面的结构性影响,并就其对中国香港地区和内地银行业的影响开展了敏感性分析。

LIBOR will no longer be used as a benchmark interest rate at the end of 2021,and financial institutions will implement various reforms to deal with it.The article gives a brief introduction to benchmark conversion,focusing on the main differences between LIBOR and RFR,pointing out that benchmark conversion will bring about four structural impacts,and conducting sensitivity analysis on its impact on the banking industry in HKSAR and China's Mainland.