This is China’s Libor moment: lenders are preparing to reprice millions of loans across China, and this month the market will gain access to options to help them manage the interest rate risk.

The country’s central bank has already been pushing banks to price new floating rate loans using the country’s loan prime rate (LPR) – which was reformed last August – but from March financial institutions will have to begin the arduous task of switching over their existing floating rate loans to the new