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China policy round-up: regulators moot quota-free QFII, NDRC tightens offshore bond issuance rules, Hong Kong proposes ‘insurance connect’

In this round-up, Pan Gongsheng, vice governor of the People’s Bank of China, suggests cancelling quota limits for the Qualified Foreign Institutional Investor (QFII) scheme, the National Development and Reform Commission (NDRC) heightened scrutiny on offshore bond issuers, and the Hong Kong Insurance Authority prepares the ‘Mainland-Hong Kong Insurance Connect’.

  • By Rebecca Feng
  • 14 Jun 2019

The annual Lujiazui Forum kicked off in Shanghai on Thursday. The forum usually brings together senior government officials.

This year, Yi Huiman, chairman of the China Securities Regulatory Commission (CSRC), announced the official launch of the Shanghai Stock Exchange’s Sci-tech board, whose coded name is SSE STAR.

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GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
Excludes PPs. Click for full table.
1 Bank of China (BOC) 21.85
2 China Merchants Securities Co 14.67
3 Industrial and Commercial Bank of China (ICBC) 14.44
4 Agricultural Bank of China (ABC) 8.89
5 China Securities 7.41

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
View full database
1 10-Jul-19 BMW Finance N.V. Germany 3,500
2 20-Jun-19 Maybank Malaysia 2,000
3 30-May-19 Portugal Portugal 2,000
4 17-May-19 Trafigura The Netherlands 540
5 16-May-19 CITIC Pacific China 1,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
Excludes PPs. Click for full table.
1 Standard Chartered Bank 32.50
2 Credit Agricole 6.34
2 HSBC 6.34
4 Bank of China (Hong Kong) (BOCHK) 6.22
4 Bank of Communications Hong Kong Branch (BOCOM HK) 6.22

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
View full database
1 16-Jul-19 CIFI Holdings China 1,600
2 22-May-19 Agricultural Development Bank of China (ADBC) China 3,000
3 16-Apr-19 ICBC Singapore Branch China 1,000
4 10-Apr-19 Bank of China Macau Branch (BOC Macau) China 4,500
5 15-Mar-19 Bank of Communications Hong Kong Branch (BOCOM HK) China 2,500