China
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In this round up of recent offshore renminbi news, China opens the door to cross-border trade settlement in Singapore, AUD-CNY direct trading begins and Taiwanese banks permitted to offer renminbi services on the Mainland.
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Top 3 Offshore RMB DCM Transactions - 2012 YTD
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The first quarter of 2013 saw record volume of issuance into the offshore renminbi bond market, led by issuers from China and Russia.
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Global investors’ wariness of Chinese credit quality will help prevent an expanded Renminbi Qualified Foreign Institutional Investor scheme from draining liquidity from the offshore renminbi market, says DBS. -
The island city has become the latest addition to the list of China’s offshore renminbi centres, and its credentials as a global financing hub could threaten Hong Kong’s dominance.
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Top 3 Offshore RMB DCM Transactions - 2013 YTD
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The Philippines is on a roll at the moment, and it would not be surprising if the government turned a keener eye to the development of a domestic bond market. But they will find that one of the biggest strengths in the country’s debt market is also one of its biggest hurdles to growth.
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The development of offshore RMB markets in Taiwan and Singapore mean that Hong Kong needs to up the ante if it wants to retain its position as the leading market hub.
