China

China’s big four banks have finally started issuing Basel III debt in size onshore in what is expected to be a huge supply of deals. Bank of China and Industrial and Commercial Bank of China are first put of the blocks and could soon be heading offshore as well.

Taiwan's GreTai Securities Market has liberalised the trading of offshore renminbi bonds, allowing institutional investors to trade the securities through local Taiwan brokerages.

The International Finance Corporation (IFC) created the largest London-listed renminbi bond on Friday with a Rmb750m ($121.5m) increase of a January 2017 note, writes SSA Markets, a sister publication of GlobalRMB.

In this round-up, quarterly RMB-denominated cross-border trade with China fell 2%, RMB deposits in Hong Kong also contracted slightly, while Hong Kong RMB remittances jumped nearly 20%.

China’s State Administration of Foreign Exchange (Safe) handed out Rmb7.3bn ($1.2bn) of quotas to seven licensed Renminbi Qualified Foreign Institutional Investor (RQFII) firms this month, with one getting its first ever quota.

Agricultural Bank of China Hong Kong branch (ABC HK) returned to Taiwan's Formosa bond market with a Rmb2bn ($324m) dual tranche bond on July 30.

China Development Bank (CDB) priced a new 10 year dim sum bond on Wednesday. The bond was issued on the back of reverse enquiry from insurance firms that had a clear idea of what they wanted to pay, said bankers.

The State Oil Fund of the Republic of Azerbaijan (Sofaz) has applied to the People’s Bank of China (PBoC) for indirect renminbi investment in China’s onshore market to diversify its current investment portfolio, Israfil Mammadov, deputy CEO of Sofaz, has told GlobalRMB.

The Australia Securities Exchange (ASX) has launched an RMB settlement service in collaboration with Bank of China (BoC), and is aiming to promote the use of RMB for trade — an area that a recent study identified as one in which Australian corporates have been lagging behind their peers elsewhere.

ICBC priced the first syndicated offshore renminbi bond to be issued by its Sydney branch on Tuesday. The 1.5 year and three year dual trancher, which will be listed on the Australian Securities Exchange (ASX), marks an important first step for ICBC Sydney as Australia’s status as an offshore RMB hub grows.

China Development Bank (CDB) has opened guidance on a new 10 year dim sum bond. The policy bank, which is known for its innovative approach to the capital markets, is returning to the offshore renminbi market for the second time this year.

ICBC opened books for the first syndicated offshore renminbi bond to be issued by its Sydney branch on Tuesday. It comes as Beijing looks to designate an official RMB clearing bank for Australia’s largest city by the end of this year.