China

China has not given up its renminbi internationalisation (RMBi) plans, but the constraints of an under-developed financial system will put the brakes on that process until further reforms are implemented, Yin-Wong Cheung, chair professor of international economics at City University of Hong Kong, told GlobalRMB.

Chinese mobile phone maker Xiaomi is sounding out lenders to refinance a $1bn dual tranche borrowing raised three years ago.

Bumi Serpong Damai and ICBC Sydney jumped into the debt market on Tuesday, capitalising on the positive market sentiment following the French presidential election.

In China today CPI and PPI reports gave mixed signals that backed some early paying in swaps. Meanwhile, consolidation in the currency market gave way to a corrective dip in short swap rates, writes Deirdre Yeung of Total Derivatives.

Mário Centeno, the Portuguese finance minister, has said that Portugal is considering issuing renminbi denominated bonds, according to Portuguese news agency Lusa.

Bank of China Macau has given China Huishan Dairy Holdings until next Tuesday, May 16, to repay a $50m loan raised in 2014 that matured in April.

Bank of Communications Hong Kong sealed a $1bn deal across two floating rate tranches on Monday, continuing issuers’ trend of favouring the structure.

Dongfeng Nissan Auto Finance priced its Rmb4bn ($580.59m) VINZ 2017-1 Retail Auto Loan Securitization on Thursday last week — the originator’s fifth in China.

The Panda bond market is set for a surge as more global companies look to boost their presence in China, according to a senior capital markets banker working with the asset class.

Canadian investors may gain a direct route into China’s interbank bond market thanks to a collaboration between TMX Group and Shanghai Clearing House (SHCH) that is set to kick off by the last quarter of the year, TMX's Brian Gelfand told GlobalRMB.

China’s FX reserves grow for a third consecutive month in April, the head of the State Administration of Foreign Exchange (Safe) says China will not devalue renminbi, and HKEX plans to launch CNH and USD gold futures.

The Asian G3 debt market opened on Monday with two deals from financial names and a mandate, in addition to two launches from corporates, following the positive sentiment overnight from the French presidential election.