• This week in renminbi: May 29, 2017

    China’s FX market records Rmb11.38tr ($1.65tr) of transactions in April, the State Administration of Foreign Exchange releases more foreign investment quotas, and CFETS completes first options write-off in the interbank market.

    • 05:30 AM
  • New RMB fix formula signals further reforms, says HSBC

    A new formula to determine the daily renminbi fix could be a prelude to more exchange rate policy reform from China, said HSBC.

    • 26 May 2017
  • OBOR’s RMBi impact divides experts

    Banks are beginning to grapple with the implications of funding the One Belt One Road (OBOR) project following the Belt and Road Forum for International Cooperation this month. While the initiative will likely help the renminbi go global, it is unclear how far and fast a boost RMB internationalisation will get from it.

    • 26 May 2017
  • RMB round-up: PBoC mulls change to daily fixing, MSCI says A-share inclusion not set in stone, Vanguard launches China WFOE

    The PBoC is rumoured to be looking into making the daily fixing more stable, MSCI says there are still questions on including A-shares in its emerging market index in June, and Vanguard sets up its first wholly foreign owned entity (WFOE) in Shanghai.

    • 26 May 2017
  • StanChart closes its first USDCNY forward trade in SG

    Standard Chartered has become the first non-Chinese bank in Singapore to close a dollar-renminbi FX forward trade via the onshore China Foreign Exchange Trade System (CFETS), the firm said in a statement on Thursday.

    • 26 May 2017
  • MOEX and SSE announce partnership

    The Moscow Exchange (Moex) and Shanghai Stock Exchange (SSE) have agreed to an expanded “strategic cooperation” agreement, and intend to develop debt and equity products for investors.

    • 25 May 2017
  • China downgrade to trigger repricing of bonds

    Moody’s downgrade of China triggered a slight widening of spreads on international dollar bonds from the country’s issuers on Wednesday, but the reaction was otherwise largely muted. Despite the tepid response, market watchers say the downgrade could, and should, do more to reset pricing in the offshore debt market. Morgan Davis reports.

    • 25 May 2017
  • RMB now behind Swiss franc in global payments

    The renminbi fell behind the Swiss franc in terms of share of global payments in April, according to SWIFT’s RMB tracker. The Chinese currency is now the seventh most used global payment currency, accounting for only 1.6% of all payments.

    • 25 May 2017
  • China debt issuers to shake off sovereign downgrade

    Market watchers expect spreads on Chinese bonds to widen in the near term because of Moody's downgrade of the sovereign, but there is little concern that the country’s offshore debt issuers will be hit hard.

    • 24 May 2017
  • China Citic Bank nails Rmb3bn debut Panda bond

    China Citic Bank International issued its first Panda bond this week, pricing a Rmb3bn ($437m) three year. The proceeds will remain onshore, but it is understood the deal will help meet the borrower’s funding needs for both the mainland and Hong Kong.

    • 24 May 2017
  • Total Derivatives: CNY bid follows ratings downgrade

    Moody's downgraded China's credit rating on Wednesday morning. Short swaps were well bid and the curve flattened as an initial response. However, sources expect risk sentiment to weather the storm and the recent curve steepening trend to extend, writes Deirdre Yeung of Total Derivatives.

    • 24 May 2017
  • Bond Connect spurs debate around hedging tools

    The upcoming Bond Connect could open up more hedging tools beyond FX for investors in RMB-denominated assets. However, experts warn the additional scheme will create fresh issues for investors that have already accessed China via older systems — unless the regulators take further harmonisation steps.

    • 24 May 2017
  • July 1 Bond Connect launch planned, end-June market makers announcement

    Market participants are preparing for a July 1 launch of the Bond Connect, with details slowly emerging on the scheme’s features. Meanwhile, banks are also expecting a June 25 announcement on which institutions will act as Bond Connect market makers, GlobalRMB has learned.

    • 24 May 2017
  • Daimler leads Panda issuance, CPNE debuts green RMB bond

    Germany's Daimler has rapidly returned to the Panda bond market, pricing a dual-trancher last week. Its deal was followed by China Power New Energy Development Company (CPNE)’s debut green Panda, a rarity in the renminbi market.

    • 23 May 2017
  • This week in renminbi: May 22, 2017

    In this round-up, People’s Bank of China renews currency swap agreement with New Zealand, regulators make all bonds on Shanghai Clearing House (SHCH) available via Bond Connect, and the Shanghai free trade zone is set to provide Belt and Road financing.

    • 22 May 2017
  • RMB round-up: FX net sales on the rise, PBoC sets up FinTech Committee, FTSE Russell adds China indices

    State Administration of Foreign Exchange (Safe) figures show net FX sales rising in April, People’s Bank of China (PBoC) launches FinTech committee, and FTSE Russell adds more China-related indices.

    • 19 May 2017
  • China Citic Bank plans Panda debut

    China Citic Bank International is coming to the Panda bond market for the first time. The Hong Kong-based lender is hoping to raise Rmb3bn ($437m) with a three year bond, which will be the first Panda issued by a financial institution this year, according to GlobalRMB data.

    • 18 May 2017
  • The lowdown: Bond Connect

    After two years of chatter and rumour, People’s Bank of China (PBoC) and Hong Kong Monetary Authority (HKMA) made the widely anticipated announcement on May 16 to confirm the launch of Bond Connect. Here's is GlobalRMB's guide to the new initiative.

    • 18 May 2017
  • Total Derivatives: Deleveraging to steepen CNY curve

    Mid-sector CNY swaps have been well offered today but Société Générale says deleveraging efforts will back more steepening across the 2s/5s NDIRS slope, writes Deirdre Yeung of Total Derivatives.

    • 17 May 2017
  • Bond Connect set to launch in July, shut to CIBM Direct investors

    People’s Bank of China has given the green light to the Bond Connect scheme, which banks expect will launch in early July. However, investors using the CIBM Direct scheme will be shut out from the new link to China’s $9.4tr bond market, GlobalRMB has learned.

    • 17 May 2017
  • Investing China: CGB futures and the Bond Connect - webinar

    GlobalRMB moderated a webinar on China's bond market on May 15 with speakers from Euroclear Bank, HKEX, and Standard Chartered.

    • 16 May 2017
  • Special round-up: the Belt and Road Forum for International Cooperation

    The One Belt One Road (OBOR) forum dominated global headlines on Sunday, when the summit kicked off in Beijing. While there was no shortage of grandiose statements, analysts remain divided over what OBOR will mean for China and its renminbi internationalisation (RMBi) strategy. In this round-up, GlobalRMB summarises the market views on the forum’s outcomes.

    • 16 May 2017
  • INE moves closer to trading oil futures

    The Shanghai International Energy Exchange (INE), a subsidiary of the Shanghai Futures Exchange, has issued articles of association, general rules and contract specifications that take it closer to introducing crude oil futures.

    • 15 May 2017
  • This week in renminbi: May 15, 2017

    China pledges fresh cash for One Belt One Road (OBOR), KraneShares plans to launch Chinese bond fund, and CFOs are becoming more positive on China’s outlook.

    • 15 May 2017
  • Bond choice to determine Connect success, says Barings

    Details of the Bond Connect are set to be revealed soon, but Sean Chang, head of Asian debt management at Baring Asset Management, told GlobalRMB that access to a desirable supply of onshore bonds will be key for investment flows to materialise.

    • 12 May 2017
  • RGI continues to fall amid currency worries

    Standard Chartered’s Renminbi Globalisation Index (RGI) fell by 0.9% to 1,770 in March. The bank attributed the fall to weak corporate confidence in renminbi’s recent stability and worries over China’s tight grip on capital flows.

    • 12 May 2017
  • RMB round-up: China opens door to foreign rating agencies, OBOR summit kicks off, HK RMB clearing falls to two-year low

    In this round-up, China will allow foreign credit rating agencies to operate in the country following an agreement with the US, the Belt and Road Forum for International Cooperation begins on May 14, and Hong Kong RMB clearing volumes fell again in April 2017.

    • 12 May 2017
  • US still deciding RMB's short-term fate, say experts

    The RMB has remained stable in the currency markets so far this year, but the rest of 2017 may turn out to be more rocky depending on policy developments in the US, according to financial industry experts.

    • 12 May 2017
  • RMBi rightly taking a backseat to reform agenda

    China has not given up its renminbi internationalisation (RMBi) plans, but the constraints of an under-developed financial system will put the brakes on that process until further reforms are implemented, Yin-Wong Cheung, chair professor of international economics at City University of Hong Kong, told GlobalRMB.

    • 11 May 2017
  • Total Derivatives: Firm CPI backs early CNY paying

    In China today CPI and PPI reports gave mixed signals that backed some early paying in swaps. Meanwhile, consolidation in the currency market gave way to a corrective dip in short swap rates, writes Deirdre Yeung of Total Derivatives.

    • 10 May 2017
  • Pandas to flourish as foreign firms eye Mainland

    The Panda bond market is set for a surge as more global companies look to boost their presence in China, according to a senior capital markets banker working with the asset class.

    • 08 May 2017
  • Canada’s TMX plans China bond link by Q4

    Canadian investors may gain a direct route into China’s interbank bond market thanks to a collaboration between TMX Group and Shanghai Clearing House (SHCH) that is set to kick off by the last quarter of the year, TMX's Brian Gelfand told GlobalRMB.

    • 08 May 2017
  • This week in renminbi: May 8, 2017

    China’s FX reserves grow for a third consecutive month in April, the head of the State Administration of Foreign Exchange (Safe) says China will not devalue renminbi, and HKEX plans to launch CNH and USD gold futures.

    • 08 May 2017
  • RMB round-up: Fidelity’s WFOE launches first fund, only two foreign firms receive China investment quotas in April, dim sum stays cold in Q1

    In this week’s round-up, Fidelity’s Shanghai-based wholly foreign-owned enterprise (WFOE) launches its first private fund, only two foreign investors were given qualified foreign institutional investor and RMB QFII quotas in April, and the dim sum bond market continued its decline in the first quarter.

    • 05 May 2017
  • Belt & Braces for Belt & Road issuers

    In the latest Clawback, columnist Philippe Espinasse turns his focus to the listing of infrastructure project companies in Hong Kong, saying that IPOs of Belt and Road issuers could be a big challenge.

    • 05 May 2017
  • HKEX’s T-bond futures make quiet debut

    The Hong Kong Exchange’s China Ministry of Finance Treasury bond (T-bond) futures were given a lukewarm reception by investors in the first two weeks of trading. But experts say demand will pick up as China’s onshore bond market opens up further later this year.

    • 04 May 2017
  • This week in renminbi: May 2, 2017

    In this round-up of news you may have missed over the long weekend, forex transactions amount to Rmb14.18tr ($2.06tr) in March, China’s manufacturing PMI disappoints analysts, and renminbi deposits in Hong Kong continue to fall in March.

    • 02 May 2017

Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 CITIC Securities 44.72
2 China CITIC Bank Corp 22.36
3 Industrial and Commercial Bank of China (ICBC) 10.16
3 China Merchants Bank Co 10.16
3 Bank of China (BOC) 10.16

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 May 2017
1 CITIC Securities 6,837.51 32 7.14%
2 China International Capital Corp Ltd 6,746.42 29 7.04%
3 Goldman Sachs 5,682.95 21 5.93%
4 China Securities Co Ltd 4,703.49 25 4.91%
5 UBS 4,459.61 23 4.65%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 May 2017
1 HSBC 17,927.36 101 9.30%
2 Citi 15,452.58 89 8.01%
3 JPMorgan 12,180.99 61 6.32%
4 Morgan Stanley 9,251.45 43 4.80%
5 Standard Chartered Bank 8,766.36 56 4.55%

Asian polls & awards

  • RMB internationalisation: 10 questions for the market, part 2

    Every year, our sister publication Asiamoney carries out an Offshore RMB Poll. As part of that process, the magazine asks the market for its thoughts on important renminbi topics. In this third year, we received around 2,300 valid responses, up 3% on a year ago. The ten questions included a new one on the inclusion of onshore RMB assets in global indices. Here we present the answers to the final five questions.

  • RMB internationalisation: 10 questions for the market, part 1

    Every year, our sister publication Asiamoney carries out an Offshore RMB Poll. As part of that process, the magazine asks the market for its thoughts on important renminbi topics. In this third year, we received around 2,300 valid responses, up 3% on a year ago. The ten questions included a new one on the inclusion of onshore RMB assets in global indices. Here we present the answers to the first five questions.

  • Made in China: The best banks and deals of 2016

    You know who won, now find out why. GlobalCapital Asia and Asiamoney present the extended results of our 2016 China Deals and Investment Bank of the Year awards, recognising achievement both on and offshore.

  • Asia’s standout deals

    GlobalCapital Asia and Asiamoney present the extended results for our 2016 Best Country Deals. Discover why these bond, equity and loan transactions delivered outstanding outcomes for issuers and investors.

  • Aussie award winners: The best banks and deals of 2016

    The names have been announced, now find out why they stood out from the crowd. GlobalCapital Asia and Asiamoney present the extended results for our 2016 Australia Deals and Investment Bank of the Year awards, recognising achievement in equities, bonds, loans and investment banking.