China
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The renminbi is facing headwinds expanding beyond its existing markets only because no official strategy has been established for usage beyond Asia, says the bank.
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In this week’s roundup of offshore renminbi news, the PBoC considers a new agency to invest foreign exchange, Chinese asset managers team up to boost their competitiveness offshore, and Citi launches a RMB settlement system.
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Chinese banks will be able to sell distressed assets to private investors via a new trading platform, but before the nation is able to see any material benefits, more structural reforms are necessary, say experts.
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The National Development and Reform Commission has held off issuing new approvals for Chinese companies to sell dim sum bonds. But as the market continues to stabilise, the regulator may look to policy banks to pave the way.
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Failure to raise Japan’s consumption tax could force long-term Japanese Government Bonds (JGBs) yields to jump as early as next month at a time when ballooning debt is threatening the creditworthiness of the sovereign.
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Far East Horizon has broken a six-week lull in offshore renminbi bonds, responding to reverse enquiry to reopen its 4.5% March 2016 deal and raise an additional Rmb300m ($49m).
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A dearth of activity in the public offshore renminbi debt market has led to more investor enquiries for private placements.
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Average dim sum bond yields are expected to fluctuate within a narrow range in August until investors gain better clarity to the uncertainty that is dampening market sentiment, says the bank. -
