Asia Pacific
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The renminbi is finding support from small and medium enterprises (SMEs) around Asia, according to a new survey by consulting firm East & Partners. -
In this round-up, Hong Kong cross-border RMB trade settlement rises in March, while RMB deposits and RMB clearing volume slip again, a new investment scheme is to be trialled in the Shanghai FTZ and ICBC launches a Lahore branch to boost presence along the Silk Road.
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Standard Chartered's Renminbi Globalisation Index (RGI) fell in March for the first time since October 2012, the bank said in a May 7 report. The fall was a result of a weaker exchange rate, falling offshore RMB deposits and slim volumes of new dim sum bonds hitting the market.
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HFT Investment Management (HFT IM), the joint venture between BNP Paribas Investment Partners and Haitong Securities, has appointed Shanghai-based Patrick Liu as its new chief executive officer.
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Deutsche Bank this week priced the biggest Formosa bond so far in 2015, in what was its third issue on Taiwan's renminbi-denominated bond market this year.
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The Chinese and Hong Kong equity capital markets have been thriving since April, as relaxed capital controls on the Stock Connect fired up business. It’s only normal now for other markets to want to follow suit, with talks of Taiwan-Shanghai and Taiwan-Shanghai-Hong Kong links doing the rounds. The thinking is bold, but replicating the success of the Connect will not be easy.
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Deutsche Bank is taking orders for its third Formosa bond this year, with the five year deal generating more than Rmb1.5bn ($242m) of interest so far, according to two sources close to the deal.
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Hungary is busy positioning itself as the first potential offshore renminbi hub in Central and Eastern Europe. Its central bank, Magyar Nemzeti Bank (MNB), launched an RMB initiative earlier this year to push Budapest's credentials and Daniel Palotai, the bank's executive director for monetary policy, spoke to GlobalRMB about the bank’s plans.
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The Society for Worldwide Interbank Financial Telecommunication (Swift) is poised to play an important role in China's upcoming offshore renminbi Cross-border Inter-bank Payment System (CIPS).
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China’s KaiLong, a property investor and manager, is seeking to raise S$200m ($150.27m) by floating its industrial parks in Shanghai as a real estate investment trust (Reit) on the Singapore stock exchange.
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Shenzhen Qianhai Financial Holdings has tied up an Rmb500m ($81.7m) term loan with a group of five lenders in a transaction that marks the first Hong Kong-Qianhai cross-border renminbi syndication. Though the financing demonstrates appetite by banks in Hong Kong for offshore renminbi deals, onshore loosening will likely crimp further business coming their way.
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