China

Uni-President China Holdings, a big supplier of juice drinks and instant noodles in China, priced its second Formosa bond late on Tuesday, fixing the yield on the Rmb500m ($82m) three year tranche at 3.5% and on the Rmb500m five year at 3.9%.

Taiwan instant noodles and snacks maker Uni-President China Holdings will price its second Formosa bond on Tuesday. The Rmb1bn ($163m) deal has three and five year tranches with respective guidance of 3.4%-3.6% and 3.7%-3.9%, according to bankers on the deal.

Amid this year's flurry of renminbi clearing bank designations to European and Asian cities, another region could soon be added to the scope of RMB internationalisation. Dubai, the second largest emirate in the United Arab Emirates (UAE), is on the way to becoming an RMB hub for the Middle East, and three sources have told GlobalRMB that the People’s Bank of China (PBoC) is set to pick a clearing bank.

In this round-up, Korean RMB deposits have soared after the country's RMB clearing bank appointment in July, BoC Hong Kong extends its RMB clearing hours to cover the Americas, and China’s monthly cross border trade RMB settlement fell 12% in July.

Philippine banks and Bank of China Manila branch are working to provide local corporates with the right tools to deal with booming interest in RMB products.

While China's government and financial authorities busy themselves with promoting the internationalisation of the renminbi, the country's corporates sometimes lag behind foreign firms looking for a trade advantage. Malaysia is one such market, say bankers.

The central banks of France and Germany have been working with the People’s Bank of China (PBoC) to set up separate clearing house structures for their renminbi clearing operations, in what would be a potentially ground-breaking development in the European RMB market.

Fitch has said it will cap the international rating of Chinese auto ABS transactions at AA because of the market’s immaturity, but it is expecting a rapid expansion in the next few years as financing products penetrate further into the world’s biggest car market.

Six Philippine banks, in collaboration with Bank of China Manila branch (BoC Manila), have launched an RMB transfer service through the Philippine Dealing System (PDS) Group platform.

Uni-President China Holdings, a Taiwanese maker of instant noodles and snacks, is planning to revisit the Formosa bond market next week. A deal of up to Rmb1bn (US$162m) is being targeted for August 19, with three and five year tranches being considered, according to bankers.

The People’s Bank of China (PBoC) and the Central Bank of the Russian Federation (CBR) have signed a draft document in preparation for a currency swap line between the two countries.

In this round-up, Standard Chartered's Renminbi Globalisation Index rose marginally in June, the Hong Kong Monetary Authority's chief executive Norman Chan believes Hong Kong will continue to benefit from the liberalisation of the Mainland’s financial sector, and Deutsche Bank analysts say annual bilateral trade between China and the European Union could rise to €660bn ($886bn) by 2024.