OIS CNY O/N SHIBOR 9M mid

The Shanghai Interbank Offered Rate Overnight (SHIBOR O/N) is the benchmark interest rate at which banks in Shanghai offer unsecured loans to one another for a one-day term. It reflects the cost of short-term liquidity in the Chinese interbank market and is a key indicator of monetary policy. An Overnight Index Swap (OIS) on the SHIBOR O/N rate is a derivative financial instrument whereby one party (the fixed-rate payer) agrees to pay the other party interest at a pre-determined fixed rate on a notional principal amount. In return, the other party (the floating-rate payer) pays interest calculated based on the daily SHIBOR O/N rate, which is compounded over the life of the swap. At the end of the contract period, the parties do not exchange the full interest amounts, but only the net difference between the fixed and floating rate payments.