China

The Standard Chartered Renminbi Globalisation Index (RGI) rose 3.26% month on month in September due to the jump in FX turnover for a second consecutive month. However, the bank expects the RGI to fall in Q4 as RMB depreciation expectations are likely to persist in the market.

Minsheng Financial Leasing’s offshore loan has generated enough demand to allow for an increase from the launch size of $200m, despite the borrower slashing the margin by 45bp after launching into general syndication.

The new qualified domestic institutional investor (QDII2) scheme may be the missing link that allows global money managers to really tap into China's potential for outward investment. A necessary condition to that strategy, however, is a corporate structure that until recently was barred to asset managers — the wholly foreign-owned enterprise (WFOE).

Beijing Properties and Miclyn Express Offshore (MEO) are making their inaugural foray into the offshore bond market with dollar-denominated offerings.

Clifford Chance has made a senior appointment to its high yield business in Asia with Alexander Lloyd set to rejoin the law firm in January 2016.

After waiting more than six months, Luxembourg has obtained its first licence under the renminbi qualified foreign institutional investor (RQFII) scheme. Industrial and Commercial Bank of China (Europe) received an approval on November 2 and is aiming to get a quota within the month.

Beijing Enterprises Water Group has returned to the international loan market for a $200m deal, which comes with a $100m greenshoe. The money is being raised under the International Finance Corp’s A/B programme, with the supranational as lender of record.

CNY swaps have been offered on weak inflation data and the curve is steeper. South Korea is planning a Panda bond issue. PBoC has allowed the CHF/CNY currency pair to trade directly in the FX market, writes Deirdre Yeung of Total Derivatives.

Enterprises in countries along the Belt and Road (B&R) initiative are on divided on the RMB’s chance of becoming a truly international currency, a Bank of China (BoC) survey published this week found.

Korea’s Asiana Airlines has swooped into the syndicated loan market for a $150m deal, picking two banks to run it.

The Financial Stability Board released the final term sheet for its Total Loss Absorbing Capacity (TLAC) proposals on Monday, projecting that compliance with the rules will cost the world’s biggest banks more than €1tr. Big banks in China, which were exempted from TLAC rules in last year's draft plan, have furthest to go.

China has decided to resume domestic listings following a ban of nearly four months, as the country’s stock markets regain some confidence following a dramatic summer rout. Alongside the reopening, China’s regulator has also announced changes to its IPO framework.