Asia Pacific

The People’s Bank of China announced the much-anticipated cut to the reserve requirement ratio (RRR) by 100bp for small and medium-sized banks last Friday. But in a surprise move, the central bank also dug out an old tool to appease the market after hopes were shattered on a lower benchmark deposit rate.

Bank Rakyat Indonesia is planning a return to the offshore loan market. It is inviting banks to bid for a new deal.

Chinese biopharmaceutical firm Akesobio has got the greenlight from the Hong Kong Stock Exchange for its IPO, which is expected to raise $200m to $300m, according to a source familiar with the matter.

In this round-up, China announces a reserve requirement ratio cut for small banks and a reduction on the interest rate for excess reserves, Bank of Jinzhou will sell some of its assets at a steep discount and the Chinese securities regulator condemns Nasdaq-listed Luckin Coffee for faking its sales record.

JP Morgan Asset Management is set to become the first foreign asset manager to fully own a Chinese fund management company, after its onshore partner agreed to exit their 15-year-old joint venture.

Hong Kong-listed Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co has won approval from Shanghai’s bourse to list shares on the Star board.

The Republic of Indonesia announced a triple-tranche bond sale on Monday morning, starting the week in Asia on a positive note. Bankers are watching investors’ response to the deal closely as more issuers line up new transactions.

Toronto-Dominion Bank launched the first Australian dollar covered bond of the year on Thursday night, issuing in good size at a similar spread to where it recently issued its dollar covered bond.

In this round-up, the Mainland is keeping a close eye on people who did not show any symptoms but still tested positive to Covid-19 and the country said medical supplies that do not meet domestic standards will not be exported.

In this round-up, the Caixin manufacturing Purchasing Managers’ Index (PMI) rebounded to above 50 following a V-shaped recovery in official PMIs, and US-listed Luckin Coffee saw its share price plunge by 75% after admitting to fabricated sales.

Hong Kong-listed Xiaomi Corp sold its first private placement Panda bond on Thursday. The Rmb1bn ($141m) deal was priced tighter than banks and the issuer previously expected.

Hong Kong’s Securities and Futures Commission has made a series of concessions for traders and other investment intermediaries tackling the coronavirus to operate from overseas.