China

China's Yingde Gases Group has cut the size of its syndicated loan to $100m from $150m, in favour of raising additional funds from an onshore renminbi bond.

Volatility in renminbi has driven an increase in transactions in the currency, Swift spokespersons told a media briefing at Sibos 2015 in Singapore.

The chief executive of Hong Kong’s Securities and Future’s Commission (SFC), Ashley Alder has given a robust defence of the regulator's co-operation with its Chinese peers saying that Stock Connect would have been impossible without it. Hong Kong will also remain the key gateway between the Mainland and global financial markets, he argued.

China Construction Bank is set to price the first offshore renminbi bond in more than two months, which bankers say is part of the government’s initiative to open up the dim sum bond market. The notes will also mark the first CNH deal under the newly established NDRC rules.

Chinese developer Soho China has extended the offer period to buy back its existing bonds by a week, after noteholders tendered just 36% of the company’s 2022s.

Beijing Automotive Group (BAIC) is planning to issue its first G3 bond, having mandated four banks to arrange a series of investor meetings starting this week.

China Construction Bank (CCB)’s plans to sell its first offshore renminbi bond in the UK by its head office next week also marks the first CNH bond to be approved under the new pre-issuance registration system set by the National Development and Reform Commission (NDRC) last month.

In this round-up, Hong Kong RMB clearing dropped in September, Macau's RMB deposits and cross-border settlement also fell in July, South Korea's RMB deposits kept contracting in September, and Bank of China Budapest branch formally launched RMB clearing services.

Positive comments by the head of the Asian Development Bank about his supposed rival, the China-led AIIB, has heightened speculation the pair have agreed not to fight turf wars, reports Anthony Rowley.

Two debut renminbi bond offerings are expected to price in the next two weeks ahead China’s President Xi Jinping’s visit to the UK later this month. While The People’s Bank of China (PBoC) is aiming to offer its first overseas RMB central bank note on October 20, China Construction Bank (CCB) is to bring the UK market the first CNH offering issued by its head office on October 12, several sources have told GlobalRMB.

The Singapore Exchange (SGX) has picked UBS as the general counterparty for its upcoming over-the-counter (OTC) electronic bond trading platform called SGX Bond Pro.

The Shanghai pilot free trade zone (FTZ) turned two years old at the end of September. In the same month a number of new reforms and milestones were announced, showing the first FTZ still has traction as a business centre for local and foreign businesses in China.