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You can treat the FR007 swap like this: The fixed-rate leg is the same as the fixed-rate leg of the LIBOR swap. The floating rate can be treated as the combination of some 3-months maturity compound interest rate bonds. The rate will be reset weekly. I draw a picture and hope this can help me to explain the rule. enter image description here

I am not sure the Quantlib has some function that can deal with a swap like this, can someone give me some ideas?

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There is no suitable solution to bootstrap China 7D Repo swap right now in QuantLib. You can modify the QL C++ code and rebuild to realize it.

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You can try using the SubPeriodCoupon class and the corresponding SubPeriodsLeg builder, which would create a leg you can pass to the Swap class. I'm not sure if the compounding frequency would map correctly what you need, though; the sub-period coupon would compound rates fixed at 1W, 2W, 3W, 4W, 5W and so on, while your sketch mentions 1W, 2W, 3W, 1M etc. This might need some changes in the code.

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You can by simply modifying the discount factors going back from the maturity date, not each coupon date. This should give you the desired result.

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