Bloomberg Launches Daily China Renminbi Credit Derivatives Price Fixings

             Bloomberg is first to provide daily reference prices

     New credit derivatives details reduce risk and increase transparency

Business Wire

BEIJING -- November 16, 2010

Bloomberg Professional executives today announced the launch of the first
daily price fixing service for the Chinese Renminbi credit derivatives market.
The new service, which gives daily reference prices, 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

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.

"The fixing prices for credit risk mitigation instruments calculated by
Bloomberg, is important for every bank. China Development Bank needs to use
fixing 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 Bank.

“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
price fixing 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 price
fixing on the 5^th of November, 2010, the first day of trading.

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