China
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In this week’s roundup of offshore renminbi news, Hungary’s central bank gets a RMB swap line, HSBC closes a Taiwanese cross-border deal, and StanChart includes Taiwan into its globalisation index.
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Top 3 Offshore RMB DCM Transactions - 2013 YTD
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The China-based rating agency aims to use its new Milan office to give on European bond issuers more exposure to mainland investors – in spite of Beijing’s tight capital controls, says Dagong’s Europe general manager.
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The Mainland will unlikely experience another interbank liquidity crunch in September given the new leadership’s commitment to stability in the run-up to the Communist Party’s meeting in November, says the bank. -
The special economic zone will complement Hong Kong’s role as an offshore renminbi centre by boosting cross-border lending activity, enhancing CNH liquidity in the city, says the bank.
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The recent relaxation of the Qualified Domestic Institutional Investor (QDII) programme is likely to boost liquidity in offshore renminbi, potentially benefiting the dim sum bond market, says the bank.
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Mainland bank share of dim sum underwriting volume has slipped as bond issuers – including those from China – are opting to work bookrunners with strong global private banking connections.
