China
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In this week’s roundup of offshore renminbi news, Guangdong government announces policies for Qianhai, the renminbi market outperforms, and Coke transacts the latest cross-currency loan.
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Banks aren’t rushing to cut their 2013 dim sum forecasts despite the exceptionally quiet summer. However, analysts agree that capital-raising for the remainder of the year will be challenging.
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Allowing foreign corporations to participate in China’s bond market is one of the remaining steps in the opening up and reform of its financial market along with allowing in foreign issuers, say experts.
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The cost of renminbi funding has dipped in recent weeks, but the results aren’t being felt in the CNH bond market as yet, say analysts.
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China’s rise to economic dominance will be accompanied by the renminbi becoming a reference point with other currencies tracking it implicitly and explicitly, says the firm.
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Top 3 Offshore RMB DCM Transactions - 2013 YTD
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In this week’s round up of offshore renminbi news, Luxembourg sees renminbi payments surge, Hong Kong and Malaysia promote private-sector renminbi trade, and China’s central bank helps the renminbi’s perception.
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One of China’s policy banks – thought to be China Development Bank - is planning a multi-tranche dim sum bond to be listed on separate exchanges this year, say dealers.
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Bond investors in Asia believe that China credit growth-related risks are escalating, and that policymakers should implement proactive reforms to mitigate the risks for China-related assets.