Shibor struggles to gain traction
Few deals done so far referencing new interest rate benchmark
The Shanghai interbank offered rate (Shibor), established by a group of leading market participants on January 4 as a way to generate a market-driven interest rate benchmark in China, has proven far from a run-away success.
HSBC, one of three foreign banks providing fixing rates, has done just 10 Shibor-related swaps - predominantly offshore - totaling about 2 billion renminbi ($250 million) in notional. And dealers say Chinese authorities need to give the benchmark clear official support, if
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