China

In the wake of this month's targeted reserve requirement ratio (RRR) easing moves in China there has been speculation that the People's Bank of China (PBoC) will follow up with broad-based interest rate cuts. Reports suggest the central bank may also add a Pledged Supplementary Lending facility to its range of monetary policy tools, writes Maia Ririnui of Total Derivatives.

Australia’s minister of trade and investment, Andrew Robb, and treasurer Joe Hockey were in Beijing on Tuesday for the inaugural Australia-China Strategic Economic Dialogue meeting. The aim was to discuss a free trade agreement and ways to boost Australia’s standing as a trading and investment partner.

Beijing Infrastructure Investment (Hong Kong) priced its debut offshore renminbi bond on Friday. The issuer had taken an exhaustive approach to preparing the deal and was rewarded with tight pricing.

In this week's round-up, Taiwan and London released data on RMB business, London and Frankfurt announced official RMB clearing banks, Ghana and Nepal announced plans to develop more renminbi business, and a trade zone in Hengqin announced plans for RMB investment products.

The offshore renminbi market continues to attract new borrowers with a pair Chinese companies preparing to make their debuts in the currency.

DBS and Standard Chartered on Friday announced their first renminbi loans to clients in the Suzhou Industrial Park (SIP), a Singapore-China co-operation zone in Jiangsu province, following similar transactions completed earlier this week by ICBC.

China Construction Bank (CCB) Asia printed the first ever dim sum bond to be issued in Switzerland on Thursday, selling a Rmb1.25bn ($203m) three year print. The deal highlights the renminbi’s growing presence in Europe.

China's gradual push to internationalise its currency took a step in a new direction this week with the launch by the Shanghai Gold Exchange of an international gold trading platform that will allow the trading of offshore renminbi-denominated contracts by traders with accounts in the Shanghai Free Trade Zone (FTZ).

The Singaporean unit of ICBC has transferred Rmb200m ($32m) to its Shanghai Free Trade Zone (FTZ) branch, in what the bank said was the first example of an RMB treasury operation between the city-state and the FTZ.

The offshore renminbi market could be the next growth spot for socially responsible issuance following the first ever green deal in the format this week. The International Finance Corporation sold the pioneering deal and plans to return with more, though other issuers are debating the merits of green renminbi trades.

The flurry of action at this week's UK-China Financial Forum was aimed at conveying one message: the internationalisation of the RMB is happening faster than ever, and London is set to be a big beneficiary. And after the agreements of the last few days, Asia-based analysts broadly agree with that view, arguing that London's natural advantages leave it well-placed.

China Construction Bank (CCB) Asia is out in the market what bankers believe is the first dim sum bond to be issued in Switzerland as the bank deepens its involvement in the renminbi’s burgeoning presence in Europe.