China

The Province of British Columbia (BC) has moved one step closer to selling a Panda bond after it secured a quota of Rmb6bn ($973m) to issue renminbi-denominated notes in China’s interbank market.

Citic CLSA Securities has appointed Yu Zhao as its head of China corporate finance and capital markets, in a newly created position aimed at boosting the firm's coverage of the country.

Chinese conglomerate HNA Group ventured into the dollar bond market on Thanksgiving and managed to raise $250m from a two times covered book.

In this round-up, ANZ launches free trade units in the Shanghai FTZ, RMB deposits drop in Macau and Taiwan, ECB and PBoC complete testing of swap line, JP Morgan starts RMB money market fund transfer solution, and China might begin a RMB fund in collaboration with CEE countries. Plus, a recap of our top stories this week.

Credit Suisse Founder Securities (CSFS) has won approval to provide brokerage services in Shenzhen Qianhai from the China Securities Regulatory Commission.

Guangdong Rising Asset Management (GRAM) has completed its inaugural offshore outing with a standby letter of credit from China Development Bank, with the leads finding it a challenging process to pick the best comparables.

Guangzhou Metro Group has raised $600m from its first foray into the international bond market, with its sector of operation and government backing attracting investors.

China’s Ministry of Finance (MoF) completed most of its Rmb14bn ($2.2bn) offshore bond auction this week, with just a Rmb2bn retail tranche for Hong Kong residents left to wrap up.

Hungary is planning a renminbi-denominated government bond in the hope of laying the foundation for eastern European entities to borrow from the RMB market and encourage related investment activity, its Ministry for National Economy said this week.

The People’s Bank of China (PBoC) admitted a first batch of seven foreign central banks, sovereign wealth funds (SWF) and supranational agencies to the onshore interbank foreign exchange (FX) market, according to a November 25 announcement.

The initiatives taken to bring Chinese and UK markets closer together mark a new height in the bilateral relationship, with more RMB products and a possible Stock Connect link at the heart of future plans, said Nikhil Rathi, the new CEO of the London Stock Exchange (LSE).

Korea Development Bank (KDB) has sold its second offshore dual-listed renminbi bond, raising nearly twice the amount it was targeting, thanks to reverse enquiry driving the trade.