China

In this round-up, Hong Kong saw RMB deposits, trade and clearing pick up, foreign exchange trading in China as direct trading of Korean won and South African rand is launched, and Standard Chartered’s RMB Globalisation Index (RGI) fell to its lowest since August 2014. Plus, a recap of our coverage this week.

The Asia ex-Japan additional tier one market could finally be getting some action with Industrial and Commercial Bank of China (Asia) set to go on the road next week for its debut AT1.

Electronic broker Icap launched the first offshore renminbi (CNH) FX benchmark based on market trading, the first said on July 7. The new fix, which is priced at the open of European markets, aims to fill the gap between Asian trading sessions.

A new index series created by Thomson Reuters and licensed to the Hong Kong Exchange (HKEX) is aiming to become the renminbi equivalent of the widely used DXY dollar index, one of the series’ creators at Thomson Reuters told GlobalRMB.

The Asian debt market has had a slow but steady stream of deals since the Brexit vote on June 23, but Bank of China blasted the issuance window wide open on Tuesday with a $3bn five tranche, multi-currency transaction — the region’s largest international green bond. Max Bower reports.

China National Chemical Corp met bankers in Hong Kong this week ahead of a $12.7bn fundraising for its acquisition of Swiss biotech firm Syngenta.

China's GF Securities, which made its debut in the offshore syndicated loan market in 2014, has launched a HK$4bn ($515.4m) loan into general.

With the first institution officially through the door of the new China interbank bond market (CIBM) access scheme, market participants are now scrutinizing the CIBM rules and how they will play out. The outlook is positive but investors should beware the small print.

The list of Panda bonds set to launch in China’s exchange market has just gotten longer with a pair of Hong Kong-incorporated companies receiving approval by the Shanghai Stock Exchange.

The Asian debt market has followed up strongly on Bank of China’s successful $3bn green bond, with five deals launched on Thursday and more expected.

China’s foreign exchange and interbank money market announced on Wednesday that foreign financial instituions conducting FX forward-trading will have to start setting aside reserves later in the year.

The Singapore Exchange’s electronic bond trading platform, SGX Bond Pro, is planning to expand into Asian local currency notes later this year. While the initial stage of expansion will be in markets closet to home, the exchange’s head of fixed income trading, Tsai Li Renn, told GlobalRMB that linking up with China could also be on the horizon.