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CORRECTING and REPLACING Bloomberg Launches First Daily China

November 16, 2010

  CORRECTING and REPLACING Bloomberg Launches First Daily China Credit
  Derivatives Pricing

      Bloomberg Professional is first to provide daily reference prices

     New credit derivatives details reduce risk and increase transparency Bloomberg

Business Wire

BEIJING -- November 16, 2010

Please replace the release with the following corrected version due to
multiple revisions. Please note that changes include the headline and one of
the subheads. The original headline was "Bloomberg Launches Daily China
Renminbi Credit Derivatives Price Fixings"

The corrected release reads:


      Bloomberg Professional is first to provide daily reference prices

     New credit derivatives details reduce risk and increase transparency

Bloomberg Professional executives today announced the launch of the first
daily reference prices for the Chinese Renminbi credit derivatives market. The
new service is designed to reduce risk and increase transparency. The
Bloomberg proprietary tool, developed in cooperation with major Chinese banks,
provides accurate pricing for risk assessments on credit derivatives, which
help with market-to-market valuations.

Bloomberg’s Credit Risk Mitigation Instrument Fixing (CRMC) tool provides
current market information on CNY credit risk mitigation instrument fixing, as
well as individual bank’s credit risk mitigation instrument data. CRMC is a
reference price calculated from prices quoted on a particular tenor and credit
rating, from twelve of the largest dealers in China. Their prices are averaged
after removing the highest and lowest quotes. The data is collected at 4:00
p.m. Beijing-time daily.

"Prices for credit risk mitigation instruments calculated by Bloomberg, is
important for every bank. China Development Bank needs to use prices provided
by Bloomberg's CRMC service daily to mark to market positions on CRMI", says
Sun Shixin, Department Head, Risk-Management Department, China Development

“As the first Chinese credit enhancement institution and the leading market
maker, China Bond Insurance (CBIC) focuses on developing the credit derivative
market in China. Bloomberg's "Information and Quotes" platform for Credit Risk
Mitigation Instruments is very useful to us. We believe the cooperation
between Bloomberg and CBIC will greatly improve the market efficiency for
credit products in China,” says Xuebing Ding, Chief Investment Officer of

"Bloomberg worked closely with the leading banks in China to create the daily
reference pricing service. By bringing transparency to a new and complex
market place, the data we provide helps financial market participants better
manage their risk and more effectively hedge their credit exposure," says
Gerard Francis, Head of Emerging Markets, Bloomberg.

The Chinese Risk Mitigation Instruments, a form of credit derivatives for the
Renminbi bond market, began trading earlier this month. Bloomberg began
providing the CRMI price contributions from the key banks and the daily
reference pricing on the 5th of November, 2010, the first day of trading.

The Bloomberg Professional® service delivers reliable access to the latest
market data, financial news, and economic information critical to the
investment decision process.

For more information about Bloomberg Professional service, please contact
Olivia Sun at +86 139 1691 5266 or call Bloomberg’s 24/7 customer service at
+86 10 6649 7500.

About Bloomberg

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