Dollar concerns prompt China’s Christmas surprise

It was on Christmas Eve that China chose to launch what appeared to be a simple new trade scheme to start using renminbi, rather than US dollars or euros, in deals with eight neighbouring economies. Worries about both dollar volatility for exporters and the impact of a dollar slump on the country’s $2tr foreign currency holdings presumably led to the announcement being pitched softly over Christmas for fear of what it might do to the US currency.

  • 13 Jan 2009
If the new scheme to use renminbi for international trade works, the experiment could herald the start of the renminbi’s global ascent, as China inches closer to making its currency convertible and paves the way to becoming an international reserve currency — a goal China’s top economic policy-makers ...

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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 23,438.27 103 9.46%
2 JPMorgan 22,204.62 91 8.96%
3 HSBC 21,532.30 124 8.69%
4 Deutsche Bank 14,929.24 54 6.02%
5 Standard Chartered Bank 12,864.13 73 5.19%

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5 Bank of America Merrill Lynch 4,270.90 19 7.79%

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3 HSBC 8,280.73 41 8.44%
4 Deutsche Bank 6,905.70 15 7.04%
5 Standard Chartered Bank 5,686.63 26 5.79%

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1 Bank of America Merrill Lynch 929.36 4 8.03%
2 ING 872.17 7 7.53%
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