Renminbi deposit drop is bad news for loan market
The shine has come off the offshore renminbi market. Funding costs are rising, bond investors are posturing and some analysts now think that renminbi deposits in Hong Kong will fall this year, after an almost unbroken growth streak for the past two years. That is bad news for loans bankers.
The offshore renminbi has been a haven for bankers and bond issuers throughout much of the past 18 months. For a long time, issuers could rely on an investor base that did little more than nod, lick its lips and place orders.
There were so few opportunities for
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