China

In this round-up, London overtakes Singapore as an RMB hub, foreign ownership of onshore RMB assets picks up, QDII products see further growth, and the US and China plan June economic meeting. Plus, a recap of our top stories this week.

The number of offshore RMB hubs has risen rapidly in the last few years to hit 20 last year. But having more offshore hubs does not necessarily equates to more global usage of the currency, say market observers who are hoping China will adopt a new strategy.

Chinese mainland investors, who regulators were driven to dissuade from speculation after last year's spring fling in stock trading, have begun buying commodity futures in record size – and, with it, brought similar alarm and another regulatory pushback.

Chinese paediatric nutrition company Biostime International Holdings has put into motion an $845m loan package to refinance debt.

JD.com’s inaugural outing in the international bond market could not have veered any further from expectations when the notes tanked in the secondary market. An overzealous pricing strategy was the main culprit for the poor performance, but divisive credit ratings for the Chinese company did not help either. Rev Hui reports.

StanChart veteran Lim retires — Lam given top China job at Citi — Citi India banker heads to HDFC Bank — BNP Paribas hires Ratliff for senior role

China’s Yintech Investment Holdings closed unchanged on its first day of trading on the Nasdaq on Wednesday, after pricing its $101.3m IPO at the mid-point of the range.

A multi-currency loan for Sino Horizon Holdings has been launched into syndication via one bank. But as the facility size is relatively small, not all lenders will be able to get a piece of the deal.

China Petroleum & Chemical Corp (Sinopec) made a comeback to the bond market this week with a $3bn four-tranche deal. But in a step away from its previous outings, the oil and gas giant opted for price over size.

BOC Aviation started gauging investor appetite this week for its $2bn IPO in Hong Kong, with books set to open in mid-May.

China Vanke has announced plans to issue an offshore, foreign currency-denominated bond, according to a filing with the National Development and Reform Commission (NDRC).

Asia Development Bank (ADB) and the International Finance Corp (IFC), the first issuers to sell Panda bonds, will not be able to return to the market quickly as Chinese regulators are refusing to grant them an exception to the accounting rules.