There are also products based on other benchmarks, such as floating rate products based on 1-year required reserve rate. It is up to product providers as for on which benchmarks they’d like to base their products.
But when designing products with a long maturity such as 10 years or 15 years, product issuers shall take into account the uncertainty of the market-based interest rate transformation in the future. Of course, Shibor also has uncertainties, so various aspects shall be taken into consideration when issuing new products. From a global perspective, Shibor represents a direction of reform.