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Federal Reserve John Williams called on banks to swiftly transition from Libor to its replacements, such as SOFR, instead of waiting until the 2021 deadline. If a smooth transition from Libor cannot take place, smaller banks may reduce lending and companies may be less capable of hedging interest rate risks. Public dollar bonds linked to the SOFR were sold by the Bank of China (in October 2019), the World Bank (in February 2021) and by the Korea Development Bank

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