Latest RMB regulation and policy news
The Shanghai Stock Exchange (SSE) has introduced rules regarding daily trading limits, limit orders price range and treatments of ‘abnormal fluctuations’ for the Star Market, its new technology innovation board that is in its final preparation stage.
China policy round-up: regulators moot quota-free QFII, NDRC tightens offshore bond issuance rules, Hong Kong proposes ‘insurance connect’
In this round-up, Pan Gongsheng, vice governor of the People’s Bank of China, suggests cancelling quota limits for the Qualified Foreign Institutional Investor (QFII) scheme, the National Development and Reform Commission (NDRC) heightened scrutiny on offshore bond issuers, and the Hong Kong Insurance Authority prepares the ‘Mainland-Hong Kong Insurance Connect’.
China’s central bank offered investors a way of hedging the risk of a bank certificate of deposit this week, allowing Bank of Jinzhou to raise Rmb2bn ($289m) after suspicions it would be the next small bank to fail. Rebecca Feng reports.
The Chinese state council introduced new measures governing the proceeds of local government special-purpose bonds on Monday. Some of the proceeds can now be counted as project capital — which bankers said would make it easier for infrastructure projects to secure loans.
The People’s Bank of China (PBoC) and the State Administration of Foreign Exchange (Safe) have set new rules on cross-border capital management for Chinese Depository Receipt (CDR) issuers. Meanwhile, the Shanghai tech board’s listing committee will give its verdict on three candidates on June 5.
The People’s Bank of China (PBoC) launched a pilot programme on Monday to set up ETFs that can include bonds in the interbank market as well as bonds traded on stock exchanges, as part of an effort to connect the two markets.
Two Sessions special: big tax cuts, higher local government bond quotas, more loans to small companies
In this special round-up on China’s annual ‘Two Sessions’ parliamentary meeting, premier Li Keqiang promised a bigger tax cut than expected, increased the local government special purpose bond quota and demanded large commercial banks to boost their lending to small enterprises
The Shanghai Stock Exchange (SSE) published the official rules for the new tech board at the end of last week. The exchange said the tech board will allow unprofitable companies to list, prevent small retail investors from participating directly and loosen lock-up requirements for key investors.
China policy round-up: CBIRC pushes banks to lend more, US trade rep asks for ‘significant structural change’, HKEX plans to add more products
In this round-up, the China Banking and Insurance Regulatory Commission (CBIRC) put pressure on banks to provide more private sector financing, the US trade representative said he was not yet satisfied with China’s trade promises and the Hong Kong Stock Exchange (HKEX) planned to increase cross-border capital market deals.
China policy round-up: Trade talks deadline could be delayed, NDRC looks at bond defaults, Tianjin receives funding from BOC
In this round up, US president Donald Trump hinted at a potential delay of the March 1 deadline for a trade deal with China, the National Development and Reform Commission required its local units to zoom in on the potential for bond defaults and Bank of China (BOC) said it will lend Rmb300b to the Tianjin government.
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Latest news by market and league table performance
Panda Bonds Top Arrangers
|Rank||Arranger||Share % by Volume|
|1||Bank of China (BOC)||23.98|
|2||China Merchants Securities Co||16.10|
|3||Industrial and Commercial Bank of China (ICBC)||13.41|
|4||Agricultural Bank of China (ABC)||9.76|
Bookrunners of Asia-Pac (ex-Japan) ECM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|3||China International Capital Corp Ltd||5,848.43||34||6.05%|
Bookrunners of Asia Pacific (ex-Japan) G3 DCM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|4||Standard Chartered Bank||7,774.81||79||3.83%|
|5||Bank of America Merrill Lynch||7,143.11||58||3.52%|
Asian polls & awards
In the fourth and final instalment of GlobalCapital Asia’s capital markets awards announcements, find out the Best Asian Investment Bank and the Best Investment Bank in the region for 2018.
In part three of our results announcements, we reveal the winning bond deals across a variety of categories. In addition, we also name the Best G3 Bond House, Best Local Currency Bond House, Best High Yield Bond House and the debut winner of the Best House for SRI Financing.
In part two of our results announcements, we reveal the winning equity deals and banks, including the Best Follow-on/Accelerated Bookbuild, Best Equity-Linked Deal, Best IPO, Best ECM Deal and Best ECM House.
GlobalCapital Asia has spent the last two months talking to banks and their clients in a bid to determine the most impressive capital markets transactions and advisers across Asia ex-Japan in 2018. We are pleased to begin our awards announcements in the loan market.
In this third part of the GlobalRMB awards, we present our reasons for choosing the best issuers in the FIG, corporate and SSA categories — and praise the strong performance of one well-known foreign law firm.