Asia Pacific

The Singaporean unit of ICBC has transferred Rmb200m ($32m) to its Shanghai Free Trade Zone (FTZ) branch, in what the bank said was the first example of an RMB treasury operation between the city-state and the FTZ.

The offshore renminbi market could be the next growth spot for socially responsible issuance following the first ever green deal in the format this week. The International Finance Corporation sold the pioneering deal and plans to return with more, though other issuers are debating the merits of green renminbi trades.

The flurry of action at this week's UK-China Financial Forum was aimed at conveying one message: the internationalisation of the RMB is happening faster than ever, and London is set to be a big beneficiary. And after the agreements of the last few days, Asia-based analysts broadly agree with that view, arguing that London's natural advantages leave it well-placed.

China Construction Bank (CCB) Asia is out in the market what bankers believe is the first dim sum bond to be issued in Switzerland as the bank deepens its involvement in the renminbi’s burgeoning presence in Europe.

Chinese internet hosting company 21Vianet printed its second offshore renminbi issue on Wednesday, a Rmb2bn ($324.4m) three year bond. The unrated borrower appeared in the market after having launched a tender offer for its outstanding 2016s — and was able to shave 100bp off the coupon it had paid on that deal.

The People’s Bank of China (PBoC) confirmed on Thursday that Bank of China (BoC) will be the official clearing bank for RMB business in Germany’s financial centre, Frankfurt.

A frantic period of activity in London's renminbi-related business culminated on Wednesday with the long-awaited confirmation by the People's Bank of China (PBoC) that China Construction Bank (CCB) would be the official RMB clearing bank in the city.

London's future as a renminbi business centre will be firmly rooted in its traditional strengths of FX and risk management, to judge by the data released by the City of London Corporation's annual survey of RMB activity on Tuesday. RMB deposit growth was lacklustre, at 23%, and while retail corporate and interbank deposits were all up, a third consecutive fall in private banking deposits means that overall volumes are still below 2011. FX activity, however, told a different tale, with sharp increases.

Hong Kong’s eSun Holdings printed its inaugural offshore renminbi bond on Tuesday with an unrated Rmb650m ($105m) four year issue that marked the first high yield trade in the CNH market this month.

The Singapore branch of Industrial and Commercial Bank of China (ICBC) has brought the first cross-border renminbi loan for a firm in the Suzhou Industrial Park (SIP), a China-Singapore joint venture area in Suzhou. The deal comes just after the People's Bank of China (PBoC) opened the door to such deals to promote RMB internationalisation.

Singapore's United Overseas Bank (UOB) has become the latest bank to announce a sub-branch in Shanghai's Free Trade Zone (FTZ), with the CEO of the new operation telling GlobalRMB he is hopeful that reform will continue apace.

The International Finance Corporation (IFC) became the first issuer of any kind to sell green debt in the offshore RMB market on Tuesday, when it priced a three year London-listed bond through HSBC. More supply could soon follow, as other borrowers are already in discussions about printing in the format.