IRS CNY 3Y vs 1-day Fixing Depository-Institutions Repo Rate mid

The 1-day Fixing Depository-Institutions Repo Rate (FDR001) is a benchmark rate reflecting the cost of overnight funding specifically for banking institutions (depository institutions). It is calculated based on repo transactions collateralized by high-quality assets (such as government bonds), making it a more accurate indicator of the risk-free borrowing cost for banks. An IRS CNY vs 1-day Fixing Depository-Institutions Repo Rate is a derivative financial instrument in which parties exchange interest payments. One counterparty pays a fixed interest rate, while the other pays a floating rate determined by the FDR001 rate. This type of swap allows banks and financial institutions to manage the risk associated with changes in their short-term funding costs.