Crédit Agricole CIB Pioneers Acceptance of Multi-currency Chinese Sovereign Bonds as Derivatives Collateral
Crédit Agricole CIB has become the first foreign bank to accept the use of offshore Chinese government bonds as collateral in non-centrally cleared derivatives transaction, innovatively expanding the international application scenarios for Chinese sovereign bonds.
In January 2026, Crédit Agricole CIB completed the signing of Credit Support Annexes with Bank of China, Shanghai Pudong Development Bank, and CITIC Securities for initial margin on non-centrally cleared derivatives transactions under International Swaps and Derivatives Association (ISDA) documentation. The initiative enables Crédit Agricole CIB to accept multi-currency (CNH, USD, and EUR) Chinese sovereign bonds custodied at Clearstream and Euroclear as eligible collateral for initial margin requirements.
The move represents a significant step in integrating Chinese assets into global financial infrastructure as China's bond market continues opening to international investors. For Chinese institutions, the arrangement enhances capital efficiency by optimising asset allocation and margin management structures.
As a forerunner in facilitating the internationalisation of Chinese sovereign bonds, Crédit Agricole CIB is among the first to embrace multi-currency Chinese sovereign bonds, including CNH-denominated government bonds, as eligible collateral for derivatives margin. This step helps establish a practical model for expanding the international application of Chinese bonds.
Wendy ZHU
Head of Global Markets Division, China
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