China
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The issuance of negotiable certificates of deposits (NCD) into China’s interbank market is another step towards developing market-determined interest rates, enhancing Shibor’s reliability, say experts. -
Water treatment company United Envirotech has issued a S$50m ($39m) three year bond which will be used to fund an acquisition.
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The Laotian sovereign is waiting for approval from the Thai Ministry of Finance (MoF) to go ahead with its second international bond. The deal will be double the size of its debut issuance, with a longer tenor.
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The People’s Bank of China’s call to implement mandatory meetings between financial regulators indicates China’s need to rein in its agencies and their diverging agendas, say economists.
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In this week’s round up of offshore renminbi news, Taiwanese deposits reach Rmb76.9bn, StanChart strengthens its renminbi coverage team, and the PBoC downplays monetary easing in 2013.
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Attempts by Chinese asset managers to gain a competitive edge in the offshore renminbi market needs to begin with their own business practices, rather than with Beijing’s policy.
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Many emerging market Asian currencies have depreciated against the US dollar due to weaker economic growth, but the renminbi has held up well and could remain that way, says the bank.
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The CNH cross-currency swap curve has steepened to its highest level in a year and the balance of risks no longer sustains further steepening at the long end, according to Deutsche Bank.
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A group of Chinese asset management companies aims to lobby Beijing to boost their competitiveness in the offshore renminbi market, hoping to stay ahead even as more global fund managers gain access to the onshore market.
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