Asia Pacific

Agricultural Bank of China (ABC) and the London Stock Exchange (LSE) are exploring how to launch renminbi-denominated Global Depository Receipts (GDRs) in the UK in what would be a landmark development of the offshore RMB market, two market sources have told GlobalRMB, a sister publication of GlobalCapital Asia.

China’s Hua Xia Bank made its inaugural issue in international bond markets on Tuesday, notching up a big order book for a Rmb1bn ($160m) three year dim sum that allowed it to tighten 30bp from guidance.

China City Construction (International) unveiled its inaugural bond in international markets on Wednesday, offering investors a three year offshore renminbi deal.

In the wake of this month's targeted reserve requirement ratio (RRR) easing moves in China there has been speculation that the People's Bank of China (PBoC) will follow up with broad-based interest rate cuts. Reports suggest the central bank may also add a Pledged Supplementary Lending facility to its range of monetary policy tools, writes Maia Ririnui of Total Derivatives.

It is rare for a successful fundraising for a reputed name to shed light on some of the deeper problems in the loan market. But some recent acquisition loans in Asia have done exactly that — and have re-opened the debate between syndication and club loans.

Australia’s minister of trade and investment, Andrew Robb, and treasurer Joe Hockey were in Beijing on Tuesday for the inaugural Australia-China Strategic Economic Dialogue meeting. The aim was to discuss a free trade agreement and ways to boost Australia’s standing as a trading and investment partner.

Beijing Infrastructure Investment (Hong Kong) priced its debut offshore renminbi bond on Friday. The issuer had taken an exhaustive approach to preparing the deal and was rewarded with tight pricing.

In this week's round-up, Taiwan and London released data on RMB business, London and Frankfurt announced official RMB clearing banks, Ghana and Nepal announced plans to develop more renminbi business, and a trade zone in Hengqin announced plans for RMB investment products.

The offshore renminbi market continues to attract new borrowers with a pair Chinese companies preparing to make their debuts in the currency.

DBS and Standard Chartered on Friday announced their first renminbi loans to clients in the Suzhou Industrial Park (SIP), a Singapore-China co-operation zone in Jiangsu province, following similar transactions completed earlier this week by ICBC.

China Construction Bank (CCB) Asia printed the first ever dim sum bond to be issued in Switzerland on Thursday, selling a Rmb1.25bn ($203m) three year print. The deal highlights the renminbi’s growing presence in Europe.

China's gradual push to internationalise its currency took a step in a new direction this week with the launch by the Shanghai Gold Exchange of an international gold trading platform that will allow the trading of offshore renminbi-denominated contracts by traders with accounts in the Shanghai Free Trade Zone (FTZ).