Latest RMB FX news
The US finally labelled China a currency manipulator this week, a day after the renminbi weakened to below the psychological level of seven against the dollar. With China clearly indicating its willingness to open a new front in the trade war, the stage is set for an increase in rhetoric between the two countries.
The week in renminbi: Allianz gets green light for Wfoe, foreign bond investors receive more tax exemptions, PBoC Shanghai supports private enterprises
Welcome back to our Monday newsletter. In this round-up, Allianz gets approval for first wholly foreign-owned enterprise (Wfoe) in the insurance sector, foreign bond investors will receive tax exemptions, and PBoC Shanghai branch is lifting lending quotas to help small and private enterprises.
China market round-up: foreign reserves drop, October exports climb, Singapore Exchange plans to help Chinese enterprises
In this round-up, China’s foreign reserves in October decrease $34bn due to the stronger dollar, monthly exports climbed more than expected, Singapore Exchange signed cooperation agreements to develop more opportunities for Chinese enterprises in Singapore.
The US Treasury declined to name China a currency manipulator in its latest report this week, contrary to expectations. But the last minute save did not prevent the renminbi from moving closer to the line in the sand with an exchange rate of seven per dollar.
The week in renminbi: PBoC props up RMB with old rule, regulator greenlights new CGB futures, FSDC sets the tone before leadership summer meeting
China’s central bank brings back reserve requirement for FX forwards to support the RMB, the securities watchdog welcomes the launch of two year government bond futures, and a top financial regulatory body says it wants more support for the real economy before China’s leaders meet in Beidaihe.
The upcoming inclusion of onshore assets in global indices will drive massive inflows to the onshore capital markets, but will also have the side effect of downsizing the role of the offshore RMB (CNH) markets, according to Julien Martin, the head of FIC product development at the Hong Kong Exchanges and Clearing.
Discussions around the co-existence of two renminbi markets, one onshore and one offshore, are once again picking up pace, market participants told GlobalRMB. It will be up to China’s central bank to clean up the mess once and for all.
Chinese regulators are cracking down on foreign currency trading, going after brokers who have flouted restrictions by operating in a legal grey area. GlobalRMB investigates.
China Foreign Exchange Trade System (CFETS) has added the central limit order book and executable streaming price features to the onshore interbank FX market — a move which helps close the gap in FX trading technology between China and the international markets.
The week in renminbi: CFETS kicks off Thai baht trading, top Chinese official assures Hong Kong of its RMBi role, CCB opens New Zealand branch
China launches onshore trading for Thai baht, NPC chairman says Hong Kong remains important to China’s effort to promote the renminbi, and China Construction Bank opens a new branch in Auckland.
Latest on priced deals, league tables, RMB, polls and awards
People & Markets
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Latest news by market and league table performance
Panda Bonds Top Arrangers
|Rank||Arranger||Share % by Volume|
|1||Ping An Bank||42.86|
|2||Bank of China (BOC)||28.57|
|3||Industrial and Commercial Bank of China (ICBC)||14.29|
|3||China Merchants Bank Co||14.29|
Bookrunners of Asia-Pac (ex-Japan) ECM
|Rank||Lead Manager||Amount $bn||No of issues||Share %|
|1||China International Capital Corp Ltd||4.49||23||12.23%|
|2||China Securities Co Ltd||3.57||8||9.73%|
Bookrunners of Asia Pacific (ex-Japan) G3 DCM
|Rank||Lead Manager||Amount $bn||No of issues||Share %|
|5||Standard Chartered Bank||4.47||37||4.57%|
Asian polls & awards
In the final part of GlobalCapital China’s awards announcement, we discuss the key innovation of 2019, and reveal the individual that has made the greatest contribution to reforming and internationalising the Chinese onshore market.
In the second part of GlobalCapital China’s awards announcement, we reveal the winning banks across Panda bonds, G3 bonds and ABS, as well as the best bank for securities services and the most impressive law firm.
In the fourth and final instalment of GlobalCapital Asia’s capital markets awards announcements, find out which firms have been named the Best Asian Investment Bank and the Best Investment Bank in the region for 2019.
GlobalCapital China, previously GlobalRMB, is pleased to announce the winners of its annual capital markets awards, honouring the banks, companies and individuals that have made the biggest contribution to bridging the gap between China’s markets and the rest of the world. In part one of the awards, we reveal the most impressive issuers in the FIG, corporate and SSA categories.
In part three of GlobalCapital Asia's awards results announcements, we reveal the winning bond deals across a variety of categories. In addition, we also name the Best G3 Bond House, Best High Yield Bond House and the winner of the Best House for SRI Financing.