China

China took a huge step forward in liberalising its capital markets this week, announcing that Bank of China Hong Kong (BOCHK) and HSBC have been given approvals to become the first foreign banks to issue Panda bonds. While observers are excited by what could lead to a slew of issuance, questions are being asked about the future of dim sum bonds, writes Rev Hui.

Bank of America Merrill Lynch has hired Yang Xia from rival UBS for a new role, naming him head of Greater China equities. The appointment takes effect at the end of October.

China and the UK are set to usher in a “golden decade” in their bilateral relations, with the two countries proposing a stock trading link as a key part of the policy. Many have denounced the idea as a bridge too far, but if it goes ahead, the move could be a great leap forward for China’s international ambitions, writes John Loh.

Fosun Industrial, an entity owned by Chinese conglomerate Fosun, has hit the offshore syndicated loan market for a $700m three year borrowing.

A surge of contingent convertible debt issuance from Chinese banks in 2015 has failed to prevent volumes falling, with European banks put off the market for large portions of this year, according to Moody’s.

In this round-up, the visit to China by UK chancellor George Osborne generates raft of new announcements including plans for Shanghai-London Stock Connect, landmark bond issues, an extension to the RMB-GBP swap line and many, many more; PBoC relaxes requirements for cash pooling scheme.

The stated aim of the China-backed Asian Infrastructure Investment Bank (AIIB), officially launched in June 2015, is to respond to a need for massive spending across Asia. But its creation has caused political controversy, with supporters arguing it shows up previous iniquities while opponents fear it will be a mere tool for China's projection of power. Peter McGill reports.

Asiamoney is pleased to present its choices for Asia’s Best Managed Companies 2015. The winners were the firms that impressed us the most through a combination of factors including innovation, financial performance and strategic execution, and after also surveying the views of regional analysts and investors. Our congratulations to all those chosen.

China has taken a huge step forward with the liberalisation of its capital markets this week following the announcement that Bank of China Hong Kong (BOCHK) and HSBC have been approved by the People’s Bank of China (PBoC) to become the first foreign banks to issue Panda bonds.

Weichai Power has opened books for its debut offering which will also be the first under new Chinese rules for offshore bond issuance that were released last week.

The People’s Bank of China (PBoC) has issued a set of rules for the renminbi Cross-border Interbank Payment System (CIPS) to the first batch of 19 participating banks. According to a copy of the document that GlobalRMB has obtained, the central bank released the rules on September 11 and they are to be applied imminently.

Two banks have launched a $700m three year borrowing for Fosun Industrial, an affiliate of Chinese conglomerate Fosun International.