• The RMB needs a little less conversation

    Swift’s decision not to publish its monthly RMB tracker with any additional commentary about the long term prospects of the renminbi is refreshing. Other renminbi loyalists should follow suit, and stop trying to gloss over disappointing data.

    • 09:00 AM
  • This week in renminbi: February 27, 2017

    Things kicked off with a weaker dollar fix by PBoC, while China’s banking authority got a new chairman last week, and the securities regulator said it will increase foreign ownership limits for China brokerage ventures.

    • 03:15 AM
  • RMB round-up: Malaysia nets first RQFII licence, RMB payments down, China in FTZ bond roll call

    In this round-up, Malaysia gets its first renminbi qualified institutional investor (RQFII) licence, RMB payments continue to drop, and China calls for more local governments to issue free trade zone bonds. Plus, a recap of our coverage this week.

    • 24 Feb 2017
  • Shenzhen Exchange set for rare Panda appearance

    Panda bonds are poised to make a rare appearance on the Shenzhen Stock Exchange, with red chip firm Shenzhen International Holdings announcing on Wednesday that its Rmb5bn ($727m) programme has been approved by the China Securities Regulatory Commission.

    • 23 Feb 2017
  • CIPS upgrade delaying NYC RMB clearing

    The upcoming launch of the second phase of China's cross-border interbank payment system (CIPS) is understood to be delaying the launch of clearing activities in the recently established New York RMB hub, GlobalRMB has learned.

    • 23 Feb 2017
  • HSBC sticks to bets on RMB, China markets

    HSBC outlined in its annual results announcement on Tuesday some of the difficulties it is facing in the Chinese market, but also said it was raising its revenue targets for the RMB business in 2017.

    • 21 Feb 2017
  • Updated: China tweaks renminbi fixing mechanism

    China is understood to have tweaked its renminbi fixing mechanism by reducing the reference window of the baskets of currencies it tracks.

    • 21 Feb 2017
  • CSI300 futures land on European shores

    Investors can now hedge their Chinese portfolio during European trading hours following the launch of CSI300 index futures contracts on Eurex, the continent’s largest derivatives exchange.

    • 20 Feb 2017
  • FTZ: the struggle continues in 2017

    Two and a half years after the launch of the first pilot free trade zone in Shanghai, the authorities appear ready to inaugurate a third batch of FTZs. But recent moves to restrict capital outflows have ended up hurting foreign enterprises, dealing a blow to China’s efforts to open its capital account.

    • 20 Feb 2017
  • This week in renminbi: February 20, 2017

    PBoC opened the week with a near-300bp weakening of the dollar fix, while Rusal received the green light for its upcoming Panda bond deal, and the Shanghai-London Stock Connect is now one step closer to becoming reality.

    • 20 Feb 2017
  • RMB round-up: RMB stays on upswing, RMB trade settlement drops to new low, HKEX to launch RMB options

    In this round-up, the RMB is hangs on to its gains in the FX market, China sees RMB trade settlement sink to a four-year low, and Hong Kong Exchange (HKEX) is preps launch of offshore RMB (CNH) options contracts. Plus, a recap of our coverage this week.

    • 17 Feb 2017
  • ICBC Asia launches 24-hour CNH price streaming

    ICBC (Asia) has begun offering 24-hour CNH prices for its clients, become the first Chinese bank to quote offshore renminbi all day.

    • 16 Feb 2017
  • Japanese banks take RMBi step with CIPS entry

    Japanese lenders have been largely missing from headlines of RMB-related initiatives, but some are starting to dip their toes into RMB infrastructure, starting with the cross-border interbank payment system (CIPS).

    • 16 Feb 2017
  • MSCI choice weighs on A-shares prospects

    Despite the launch of Shenzhen Connect, MSCI’s decision on the inclusion of A-shares later this year still looms large on global investors’ views on whether to increase their exposure to onshore equities.

    • 16 Feb 2017
  • SMIC edges closer to exchange Panda debut

    Hong Kong-listed Semiconductor Manufacturing International Corp (SMIC) moving closer to making its Panda bond debut in the exchange market, as the Shanghai Stock Exchange is approving its revised application.

    • 15 Feb 2017
  • Financial liberalisation still on for China, says Safe’s Pan

    Recent capital control measures enacted by China have led to concerns that the authorities might be reversing past efforts to liberalise the country's financial markets. But the administrator of the State Administration of Foreign Exchange (Safe), Pan Gongsheng, is adamant that more reforms are on the cards especially in regards to attracting more inflows.

    • 14 Feb 2017
  • RMB trade slowdown prompts treasury sophistication

    The growth of renminbi trade has stalled, but it has forced a turning point to how corporates use the Chinese currency.

    • 13 Feb 2017
  • This week in renminbi: February 13, 2017

    Valentine’s Day celebrations may be upon us, but the onshore RMB is not feeling much love, as the fix and spot rates against the dollar start on a weak note. In other news, FX spending by PBoC grew by over $100bn in 2016 and the Hong Kong stock market is soaring on the back of heightened inflows from Mainland investors.

    • 13 Feb 2017
  • Hope lives for China bond investments

    The opening of the China interbank bond market (CIBM) has allowed more foreign investors to dip their toes into the market. But despite the reforms and the increasing likelihood of a bond inclusion in global indices, global investors are still wary of the market.

    • 10 Feb 2017
  • RMB round-up: CNH closes gap, StanChart index at rock bottom, new records for HKEX contracts

    In this round-up, the offshore RMB (CNH) nearly eliminates its spread with the onshore RMB, a Standard Chartered index on RMB internationalisation ends 2016 poorly, and the Hong Kong Exchange (HKEX) sees new records set in RMB futures contracts in January. Plus, a recap of our stories.

    • 10 Feb 2017
  • China lays out new path for cornerstones to HK IPOs

    Cornerstone investors taking up huge chunks of Hong Kong IPOs have caused much controversy in recent years, but that looks set to change. China’s foreign exchange regulator has provided a new route for investing in the city’s listings, which is expected to diversify the pool of potential cornerstones beyond the typical state-owned enterprises, and friends and family investors. Jonathan Breen reports.

    • 09 Feb 2017
  • Rusal plans Russia’s first Panda bond

    Russian aluminium producer Rusal has registered a prospectus on the Shanghai Stock Exchange for a Rmb10bn ($1.5bn) seven year Panda bond programme, the company said on Wednesday.

    • 09 Feb 2017
  • RMB 2.0: Entering the digital realm

    Renminbi internationalisation could soon be renamed renminbi digitalisation as the People’s Bank of China continues to make inroads to becoming the first major central bank to issue its own digital currency, according to a report from King & Wood Mallesons (KWM).

    • 09 Feb 2017
  • The 2017 dim sum bond disappearing act

    The offshore renminbi market is set for another year of pain with new issuance predicted to fall by as much as 30% in 2017, according to HSBC’s February dim sum tracker report.

    • 09 Feb 2017
  • Total Derivatives: Data fuels CNY curve correction

    The PBoC skipped another reverse repo operation today, tightening liquidity conditions further. However lower fixings have supported better offers in swaps. Data-related receiving in 5-years has fuelled a corrective flattening move in the 1s/5s NDIRS slope after the curve made new highs earlier this week, writes Deirdre Yeung of Total Derivatives.

    • 08 Feb 2017
  • Luxembourg eyes Brexit, CIBM for RMB opportunities

    The Brexit process and the further opening of the Chinese capital markets are pushing Luxembourg fund managers to sharpen their focus on China, Marc-Andre Bechet, director of legal and tax, Association of the Luxembourg Fund Industry (Alfi), told GlobalRMB.

    • 07 Feb 2017
  • Pandas key to BNP’s China bond ambitions

    BNP Paribas got a boost last month when it became just one of four foreign corporate debt underwriters in the China Interbank Bond Market (CIBM). The French lender’s head of global markets for greater China, CG Lai, explained to GlobalRMB that the licence showcased the growing maturity of the onshore market with Panda bonds the key to their plans.

    • 07 Feb 2017
  • Citi lands China bond settlement licence

    Citi has become the first US bank approved to act as a bond settlement agent in the China Interbank Bond Market (CIBM).

    • 07 Feb 2017
  • This week in renminbi: February 6, 2017

    Chinese markets are back, with previous interventions by the regulators still paying off in the offshore RMB spot markets, while Dubai's exchange saw growing interest in RMB futures contracts in January 2017.

    • 06 Feb 2017
  • Direction of RMB remains hard to gauge

    After taking a beating in 2016, many are expecting the renminbi to fall further against the dollar this year. But few market watchers expect another sharp depreciation, with some believing the RMB may have already reached the bottom.

    • 06 Feb 2017
  • RMB round-up: CNY markets reopen, Japan banks hop onto CIPS, HK trade settlement collapses

    In this round-up, CFETS sets its dollar fix nearly unchanged after a week-long break, several Japanese lenders get ready to gain access to the China interbank payment system, and RMB trade settlement in Hong Kong sees a sharp fall in 2016. Plus a recap of our coverage.

    • 03 Feb 2017
  • Foreign corporates get to grips with RMB curbs

    Intervention by Chinese authorities to stabilise RMB markets on and offshore have ushered in a difficult phase for foreign corporates, who once again are facing issues of trapped cash and tougher liquidity conditions.

    • 02 Feb 2017
  • Hong Kong leads offshore renminbi deposits rout

    The Hong Kong Monetary Authority (HKMA) released one of the most disappointing sets of RMB data last week when it revealed that the city’s renminbi deposits had plunged 12.9% in December 2016 to Rmb546.7bn ($79.5bn).

    • 02 Feb 2017
  • RMB holiday round-up: February 1, 2017

    Welcome back to those of you outside of China and Taiwan. While we were on a break, Hong Kong revealed the largest single month drop in CNH deposits, China experienced $203bn of outflows in December 2016, and Mega Bank advises against clients holding long RMB positions.

    • 01 Feb 2017

Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 18.01
2 Everbright Securities 16.95
3 Agricultural Bank of China (ABC) 10.59
4 HSBC 6.99
5 Industrial and Commercial Bank of China (ICBC) 6.36

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 Feb 2017
1 China International Capital Corp Ltd 3,764.17 7 11.54%
2 CITIC Securities 2,885.95 10 8.84%
3 Haitong Securities Ltd 2,766.73 16 8.48%
4 Goldman Sachs 2,591.61 5 7.94%
5 China Securities Co Ltd 2,120.55 13 6.50%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 Feb 2017
1 HSBC 5,558.78 30 9.86%
2 Citi 5,005.39 21 8.88%
3 JPMorgan 4,564.51 23 8.09%
4 Morgan Stanley 4,198.24 15 7.44%
5 Bank of America Merrill Lynch 3,028.46 14 5.37%

Asian polls & awards

  • Photos of the GlobalCapital Asia New Year Drinks and Awards Reception

    GlobalCapital Asia held a New Year drinks and awards reception at Le Bistro Winebeast in Hong Kong on February 15, 2017. Below is a selection of the best photos from the night. Our thanks to all who attended.

  • 2016 Best Country Deals: Results

    GlobalCapital Asia and Asiamoney are pleased to announce the results of our Best Country Deals, recognising the standout transactions in Asia. Our thanks to everybody who took time to pitch.

  • 2016 China Deals and Investment Bank of the Year: Results

    GlobalCapital Asia and Asiamoney are pleased to announce the results of our annual awards, recognising the best banks and transactions in China. Thanks to everyone who took time to pitch and our congratulations to the winners.

  • 2016 Australia Deals and Investment Bank of the Year: Results

    GlobalCapital Asia and Asiamoney are pleased to announce the results of our annual awards, recognising the best banks and transactions in Australia. Our thanks to everybody who took time to pitch.

  • Asiamoney Best Brands in Finance Poll

    Asiamoney is delighted to announce the launch of the Asiamoney Best Brands in Finance Poll. We want to hear what you, our readers, think makes a top brand among financial market participants in Asia-Pacific — and which companies have the very strongest brands in the markets you know best.