China

The battle to secure a reputation as a leading player in offshore renminbi services has never been more fierce. As China continues to encourage the spread of its currency throughout the world, the needs of corporates and investors are growing exponentially, and with them the need for increasingly sophisticated advice. Asiamoney's fourth Offshore RMB Poll ranks the leading firms in this area, as Anthony Chan reports.

As part of this year’s Offshore RMB Poll, we surveyed participants on 12 of the most important topics related to the RMB’s global journey. About 1,000 responses were received for the questions, which ranged from assessments of the pace of internationalisation progress to the size of the RMB trading band. We present the results below.

China New Town Development is looking to tap the dim sum market with its inaugural international bond and started gauging investor interest through a series of meetings from April 23.

The International Finance Corporation (IFC) is working with the China’s National Association of Financial Market Institutional Investors (NAFMII) to smooth out technical issues preventing foreign issuers from tapping the domestic bond market.

Shenzhen Qianhai Financial Holdings has successfully completed its maiden outing in the offshore renminbi (CNH) market. A good window, strong government link and a credit enhanced structure all helped the debutante achieve both its size and pricing goals.

China New Town Development is looking to tap the dim sum market with its inaugural international bond and will be gauging investor interest through a series of meetings starting on April 23.

China’s parliament began a sweeping review of its Securities Law on Monday, with amendments that could pave the way for a long-awaited overhaul of regulations that have been in place since 1999.

Four fifths of corporate respondents to a new survey still don’t have a clear understanding of the potential of the RMB as a trade currency, according to a new study commissioned by international law firm Allen & Overy (A&O).

The Singapore Exchange and the Bank of China International Holdings have renewed a commitment to collaborate on market expansion of the renminbi.

Shenzhen Qianhai Financial Holdings has mandated a legion of banks to arrange investor meetings ahead of its maiden offshore renminbi-denominated (CNH) bond.

In this round up, China cross-border RMB trade settlement hits new historical record in March, Hong Kong sees a 31% increase in RMB clearing in the same month, the Moscow Exchange sees record RMB/RUB FX swaps turnover, CCB is launching new subsidiaries in five overseas markets, and RMB clearing officially launches in Malaysia and Qatar.

Hong Kong will preserve its first mover advantage as an RMB hub on the back of its liquidity and proximity to China, but product development will be its key challenge, industry experts say.