China

China Development Bank is back in the market with a three year CNH transaction.

China’s deposit rates could be liberalised within one to two years, said Zhou Xiaochuan, the governor of the People’s Bank of China (PBoC), at a press conference on Tuesday during the National People’s Congress (NPC).

Having launched Haitong International Asset Management’s first RQFII exchange traded fund, managing director Ben Zhang tells GlobalRMB that global investors are underweight the RMB asset class and that recent events like China’s first public bond market default and a bout of FX volatility should be no deterrent.

Maoye International Holdings, a Chinese investment company with interests in retail and property, is looking to make its debut issuance in the offshore renminbi market.

CCB (Asia) made a big splash on its debut in the dim sum market. The Rmb4bn ($653m) two year ranked as the equal biggest single tranche from a non-sovereign borrower.

China Eastern Airlines returned to the offshore renminbi market on Thursday, taking Rmb2.5bn ($407m) on a stellar day for the dim sum market which saw China Construction Bank raise Rmb4bn.

In this week’s round-up of offshore renminbi news, Standard Chartered’s RMB Globalization Index rose to 1,475 in January, up 8.5% from the previous month. The bank has also included New York as the fifth centre in the index. Meanwhile, the Hong Kong exchange is to enhance its RMB currency futures offering with after-hours trading.

Haitong International Securities Group listed its first Renminbi Qualified Foreign Institutional Investor (RQFII) Exchange Traded Fund (ETF) today on the Hong Kong Stock Exchange. The product is the first RQFII ETF from a securities house.

London listings could prove popular for issuers looking to sell offshore renminbi following the International Finance Corporation’s debut London listed RMB deal this week. It enjoyed a diverse global distribution, with several investors telling syndicate bankers that the location of the listing was an important factor in deciding to participate.

Two big-name Chinese SOEs announced offerings in the offshore renminbi market on Thursday.

The prospect of the first bond default in the Chinese onshore market, with Shanghai Chaori Solar Energy Science and Technology Company warning this week that it may not be able to pay the coupon on a bond issue on Friday, has caught the market by surprise.

A long-awaited first default in the Chinese onshore bond market looked inevitable late on Tuesday night when Shanghai Chaori Solar Energy Science and Technology Company posted an announcement on the Shenzhen Exchange saying that it would not be able to pay creditors when its second annual interest payment of Rmb89.8m falls due on Friday.