China
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Korea National Oil Corp (KNOC) closed a HK$637m ($81.8m) deal on Wednesday, its fourth in the currency this year.
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China Longyuan Power Group raised Rmb950m ($149m) from its first offshore renminbi bond on Thursday, selling what could be the last dim sum bond of the year.
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China Longyuan Power Group is planning to raise around Rmb1bn ($157m) from its first offshore renminbi bond, and was marketing the dual-tranche deal to investors on Wednesday.
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Due to the expected slowdown of China’s growth and easing of inflationary pressures, the Japanese bank predicts a cumulative reserve ratio requirement cut of 200 basis points in 2012.
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Christmas may only be couple of weeks away but bankers think that a few issuers could still push through bonds before the end of the year.
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There's a market consensus that the Chinese currency will depreciate in 2012 will hurt offshore renminbi bond performance. But HSBC believes this is ultimately healthy for the market.
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Renminbi has been trading at a discount in the non-deliverable forwards (NDF) market for approximately three months now. Risk aversion, US dollar strength over the renminbi, and tighter liquidity in the offshore renminbi (CNH) market are implicated.
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The increased mobility of depositors stemming from rapidly growing wealth management offerings has led to the depletion of bank funding and weaker liquidity in China, says the ratings agency.
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The first FX renminbi risk reversal derivatives trade was conducted yesterday as part of new rules allowing the trading of these between locally-based banks and corporations.