Latest RMB regulation and policy news
The People’s Bank of China has laid out its next moves to upgrade the domestic bond markets, including better market standards, clearer default rules and further opening to foreign investors — steps that could make regulators less active in the corporate debt market.
JP Morgan has become the first non-Chinese financial institution to get an official renminbi clearing bank licence, joining Bank of China's New York branch as the second such firm in the US, the People’s Bank of China said on February 13.
Renminbi bullishness has served Luxembourg well. The tiny country has enjoyed substantial China-related fund flows in 2017, largely thanks to a wider offering of investments, Marc Andre Bechet, director of legal and tax at the Association of the Luxembourg Fund Industry (Alfi), told GlobalRMB.
The week in renminbi: CBRC reinforces deleveraging effort, more scrutiny for outbound investment, China pushes maritime sector for BRI
China’s banking regulator prioritises deleveraging of financial institutions and individuals, the Chinese government tightens grip on overseas investment with new guidelines, and regulators encourage financing for the maritime industry in an effort to promote the Belt and Road Initiative.
The retirement of Zhou Xiaochuan, governor of the People’s Bank of China (PBoC), and the possible appointment of Liu He to the job will signal a shift in priorities for the central bank, according to Zhu Haibin, chief China economist at JP Morgan.
The week in renminbi: Counter-cyclical factor tamed but not gone, PBoC puts new ceiling on cross-border RMB financing, CSRC tightens grip on private bonds
China Foreign Exchange Trade System (CFETS) insists that the counter-cyclical factor remains in place, the Chinese central bank introduces a new limit on cross-border financing for commercial banks, and China Securities Regulatory Commission (CSRC) reportedly cracks down on risky private bond issuance.
The week in renminbi: PBoC’s Yi sees room for improvement for RMBi, CBRC warns Chinese banks on risk, Citic forecasts strong cross-border RMB demand
The deputy governor of China’s central bank believes the country is punching below its weight on renminbi internationalisation, the Chinese banking watchdog stresses the need to prevent risk, and China Citic Bank International projects strong demand for cross-border RMB transactions in the first quarter.
The State Administration of Foreign Exchange (Safe) has poured cold water over claims that China may stop buying US Treasury bonds. But there is a need for the country to diversify its debt portfolio in the long run if it is serious about promoting RMB internationalisation, economists told GlobalRMB.
The People’s Bank of China has reportedly tweaked the way it sets the daily renminbi fix against the dollar, abandoning a key control mechanism it introduced last May. While some analysts hail the move as a sign of confidence from China, others say it exposes the failure of the PBoC’s previous FX policy.
The week in renminbi: Regulators tighten bond repo rules, China’s FX reserves at $3.14tr, BOC completes RMB payment for Chinese diplomats
Chinese financial regulators publish fresh rules on the bond market to control leverage, China’s FX reserves grow again to $3.14tr in December, and Bank of China completes a RMB salary payment for Chinese diplomats abroad after the central bank’s call to push for cross-border RMB transactions.
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Latest news by market and league table performance
Panda Bonds Top Arrangers
|Rank||Arranger||Share % by Volume|
|1||Industrial and Commercial Bank of China (ICBC)||35.00|
|2||China CITIC Bank Corp||30.00|
|3||China Merchants Securities Co||17.00|
|4||Standard Chartered Bank||5.00|
Bookrunners of Asia-Pac (ex-Japan) ECM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Huatai Securities Co Ltd||3,404.45||12||7.62%|
Bookrunners of Asia Pacific (ex-Japan) G3 DCM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
Asian polls & awards
In the last instalment of our 2017 awards, we present the full write-ups of the winners of Best Asian Investment Bank and Best Investment Bank.
In the third instalment of our 2017 awards, we present the full write-ups of the winners of the Best Local Currency Bond, Best High Yield Bond, Best Financial Bond, Best SSA Bond, Best Investment Grade Bond, Best Project Finance Deal, Best Bond, Best G3 and Local Currency Bond House, and Best High Yield Bond House.
In the second instalment of our 2017 awards, we present the full write-ups of the winners for Best Follow-On/Accelerated Bookbuild, Best Equity-Linked Deal, Best IPO, Best ECM Deal and Best ECM House.
In the first instalment of our 2017 awards, we present the full write-ups of the winners for Best Investment Grade Syndicated Loan, Best High Yield Syndicated Loan, Best Leveraged/Acquisition Finance, Best Loan and Best Loans House.
Over the last two months, GlobalCapital Asia's team has conducted pitch meetings with banks to decide the most impressive capital markets transactions and advisers in Asia in 2017.