Latest comment on RMB

  • IMF tells it like it is on China’s liberalisation delays

    Chinese authorities are once again voicing their desire to get back on track with the reform agenda. But Bond Connect aside, there is not much evidence the powers that be are delivering on that promise — as the International Monetary Fund (IMF) rightly makes clear in its China country report.

    • 15 Aug 2017
  • Panda bonds boom — but where are the long-term investors?

    The Panda bond market is having its best run of the year in terms of issuance volume and number of deals sealed. But a closer look at the market shows a distinct lack of long-term investors — a real risk at the heart of the Chinese financial system.

    • 27 Jul 2017
  • China’s emerging super-regulator: a bold, dangerous step

    China made a clear step towards creating a financial super-regulator last week, when it created a new oversight commission within the central bank. The mega-merger of China’s many competing regulators is a good idea – but it is also fraught with risks.

    • 19 Jul 2017
  • RMBi critics are using the wrong metrics

    China’s renminbi internationalisation (RMBi) strategy has seen a clear shift from pushing for the currency’s usage abroad to bringing investors into the onshore market. It is time to take a more nuanced view of renminbi internationalisation.

    • 12 Jul 2017
  • Bond Connect: Be careful what you wish for

    China’s move to open up its domestic bond market to more foreign investment is being rightly applauded. But investors should be wary of the risks in a market that still has serious problems with governance and disclosure.

    • 04 Jul 2017
  • RMBi: Small weightings make a big difference

    The entry of A-shares into MSCI’s emerging market index was quickly dismissed by China bears as a non-event, given the tiny weighting Chinese equities will have in the index. But sceptics should learn from history that small weightings often make a big difference to RMB internationalisation — and MSCI’s A-share inclusion might just be an example of that.

    • 29 Jun 2017
  • China bulls and bears: embrace the inevitable

    MSCI’s decision on June 21 to include A-shares in its Emerging Markets Index has, once again, unleashed furious debate between those seeing it as another case of global institutions bending the rules to appease China and those always viewing the China glass as half full. But neither view has much to offer in explaining the Mainland’s growing integration in global financial markets.

    • 23 Jun 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
  • MSCI: Between BlackRock and a hard place

    With the world’s largest asset manager saying it backs the inclusion of A-shares in MSCI indices, the result now looks inevitable. However, the result is likely to be high on symbolism and little else and highlights the challenge for firms as they balance the demand for China exposure with the need to keep their integrity intact.

    • 24 Apr 2017
  • Firms should get their foot in the door of foreign FTZ listings

    The Shanghai free-trade zone offers a side door into China’s A-share market for international companies, but the arduous process means so far it has received little attention. But with regulators planning to make the process easier, international companies should start paying attention.

    • 03 Apr 2017
  • 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.

    • 27 Feb 2017
  • RMB internationalisation is in transition, not reverse

    China has come in for a lot of criticism for introducing more capital controls since the start of the year in order to combat outflows. While such restrictions clearly do not fit under the headline of financial liberalisation, the market needs to understand that they are a necessary evil for China to have enough time to correct economic imbalances.

    • 13 Jan 2017
  • Dim sum’s gone cold, so now what?

    Offshore renminbi debt has struggled to gain traction this year, while the Panda bond market has shown encouraging development despite the absence of clear-cut rules. But if the Chinese regulators want to keep the RMB’s appeal as a long-term funding currency, they need to urgently make Panda issuance more user friendly.

    • 06 Dec 2016
  • China needs to stop making small talk

    The Chinese government is starting to sound like a broken record by repeating over and over again that there is nothing to fear from the continued depreciation of the renminbi. But with the currency hitting an eight-year low against the dollar, it’s time for Beijing to provide some genuine guidance before the markets stop listening for good.

    • 15 Nov 2016
  • HK is no longer RMB’s teacher’s pet, and that’s OK

    A mix of local politics and broader market developments may gradually strip Hong Kong of its role as the cutting edge centre for renminbi internationalisation. But that is probably a good development, at least as far as China’s longer-term strategy is concerned.

    • 04 Nov 2016
  • New York's unlikely renminbi gambit

    Home to the world’s largest capital market, the US has what it takes to redraw the global heat map of renminbi internationalisation (RMBi) now that it has been awarded a clearing bank and the world’s second largest RMB investment quota. Yet this potential could be squandered by the upcoming presidential elections unless market forces prevail.

    • 21 Oct 2016
  • Time to lay a clear path for Silk Road bonds

    Silk Road bonds are one of the latest gimmicks bankers are trying to promote with an event dedicated to the topic taking place in Hong Kong last week. While the concept of the bonds, linked directly to China’s ambitious Belt and Road initiative, is promising, proper guidelines need to be in place for the product to take off.

    • 12 Sep 2016
  • Renminbi 8/11: Less complacency, please

    It has been a brave new world for the renminbi since the People's Bank of China (PBoC) shook global markets with its surprise devaluation just over a year ago. But while there are signs that things have moved in the right direction, it seems a little early to trumpet the move as a policy success.

    • 15 Aug 2016
  • Even the Chinese find China bonds confusing

    The Brics New Development Bank (NDB) executed a landmark trade on July 18, making its capital markets debut with a Rmb3bn ($450m) bond in China. But when even the authorities have trouble knowing whether to classifying it as green or Panda debt, it is clear the need for unambiguous and official bond regulation is long overdue.

    • 21 Jul 2016
  • China-MSCI stalemate: who’ll blink first?

    Much of the debate around MSCI’s decision to not add A-shares has focused on China’s need to reduce its capital controls. But with Beijing unlikely to let go of the reins anytime soon and MSCI strident in its need for reform, the two sides have reached an impossible impasse unless a compromise can be made.

    • 17 Jun 2016
  • MSCI’s A-shares decision: the truth hurts

    China’s efforts to meet MSCI’s demands for index inclusion proved to no avail with the firm rejecting A-shares for a third time. No doubt Beijing is miffed, but MSCI has good reasons to hold off for now.

    • 15 Jun 2016
  • PBoC needs a master class in communication

    The announcement of a new RMB exchange index has rekindled debate about whether the People's Bank of China (PBoC) needs to review the way it communicates with global markets. The answer is a resounding yes.

    • 14 Dec 2015
  • The RMB and SDR: It's the report, stupid

    The International Monetary Fund (IMF) has not announced any delay to its decision on whether to include the renminbi in its Special Drawing Rights (SDR) facility. Is that clear enough for everyone?

    • 06 Aug 2015
  • SDR: Stop Delaying Renminbi

    China's currency stands a chance this year of being admitted into the select club of those backing the International Monetary Fund's special drawing rights. But at the moment it is not certain that the RMB will be deemed to have made the grade. It should be.

    • 12 May 2015

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 CITIC Securities 30.19
2 China CITIC Bank Corp 12.38
3 Bank of China (BOC) 11.61
4 Everbright Securities 10.84
5 China Merchants Bank Co 10.06

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Aug 2017
1 CITIC Securities 8,097.43 46 5.53%
2 Goldman Sachs 7,852.12 33 5.37%
3 China International Capital Corp Ltd 7,824.36 37 5.35%
4 UBS 6,615.59 48 4.52%
5 Citi 6,126.08 41 4.19%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Aug 2017
1 HSBC 23,545.07 151 8.81%
2 Citi 19,731.61 125 7.38%
3 JPMorgan 16,539.95 93 6.19%
4 Standard Chartered Bank 12,677.71 92 4.74%
5 Bank of America Merrill Lynch 11,943.66 69 4.47%

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.