Latest comment on RMB

  • Oil, RMB and the petrodollar’s demise

    The goal of making the RMB a global commodities currency is not a job for those looking for quick successes. But recent moves from Russia and the Middle East have laid further bricks on the road to glory for China.

    • 12 Sep 2017
  • Hong Kong needs to get IPO Connect right

    China’s A-share market has one of the largest pools of domestic investors in the world. So it’s no surprise Hong Kong’s exchange is desperate to link its primary IPO market with the mainland. While there could be plenty of benefits, the city’s regulator should think long and hard before opening itself up to a potentially uncontrollable flood of money.

    • 05 Sep 2017
  • The East is Red

    In the latest Clawback, columnist Philippe Espinasse puts cash trading numbers in Hong Kong under the microscope to some rather interesting results.

    • 04 Sep 2017
  • 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

RMB Comment archive

GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 Bank of China (BOC) 28.78
2 CITIC Securities 22.01
3 China CITIC Bank Corp 10.16
4 Industrial and Commercial Bank of China (ICBC) 7.90
4 Everbright Securities 7.90

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 19-Sep-17 Skyworth Digital Holdings China 2,000
2 14-Sep-17 Bank of China (Hong Kong) (BOCHK) China 9,000
3 05-Sep-17 Joy City China 1,000
4 01-Sep-17 Rusal Russian Federation 500
5 23-Aug-17 Daimler Germany 5,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 JP Morgan 38.18
2 Standard Chartered Bank 23.18
3 Barclays 7.73
3 Citi 7.73
3 HSBC 7.73

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 22-Sep-17 Royal Bank of Canada Canada 900
2 01-Jun-17 Ocean Wealth (Parent: China Orient Asset Management) China 632
3 11-Apr-17 Bank of China Johannesburg Branch (BOC Johannesburg) China 1,500
4 22-Feb-17 Ocean Wealth (Parent: China Orient Asset Management) China 850
5 28-Nov-16 Loncin Holdings China 800