China

New Zealand dairy company Fonterra priced its second ever dim sum bond on Monday, selling one of the largest offshore renminbi deals from a corporate borrower in recent years.

The need for more official local offshore renimbi clearing banks is increasingly being questioned. But there are still plenty of reasons why they are a good idea for a market trying to establish itself. And it's not just about the clearing any more.

Chinese property supply stumbled this week, but it was the dim sum not the dollar market where the stress showed. Powerlong Real Estate Holdings pulled its offshore renminbi bond on Tuesday after opening books on the same day.

null

In this week’s round-up of offshore renminbi news, RMB marks its second consecutive month in the top ten of most-used payment currencies, Daimler is set to tap China’s Panda bond market, and Switzerland is eying renminbi hub status.

DBS Bank in Hong Kong is looking to market equity-linked notes denominated in renminbi that reference an equity underlying in Hong Kong. Issuance is based on the view that there is likely to be a relaxation in RMB convertibility that will spur demand for such structures, writes Daniel O’Leary of Derivatives Intelligence (DI).

New Zealand dairy company Fonterra priced its second ever dim sum bond on Monday, selling one the largest offshore renminbi deals from a corporate borrower in recent years.

Bank of China’s Taipei Branch on Monday began offering renminbi cash deposit and withdrawal services to financial institutions in Taiwan. The move comes at a important time for the offshore renminbi sector in the territory, with two borrowers having tapped the bao dao market last week and renminbi deposits in Taiwan surpassing those in rival hub Singapore for the first time.

New Zealand dairy company Fonterra priced its second ever dim sum bond on Monday, selling one the largest offshore renminbi deals from a corporate borrower in recent years.