China
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The emerging markets sovereign would like to conduct a renminbi-denominated bond issue, but only when liquidity in either the currency or its bonds improves.
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Senior debtholders should not worry about the rapid growth of Chinese bank loans and the ballooning of their balance sheets, says the ratings agency.
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China needs to speed up the internationalisation of its local currency if it wants to boost the volumes of its renminbi-settled transactions which has declined, says French bank Credit Agricole.
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International debt issuance from the BRIC nations have reached record numbers this year, with China offering the highest volumes increase year-to-date of the four nations, according to Dealogic data.
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The Indian bank’s CNH bond issue could be followed by more renminbi issues by Indian banks according to Nomura. This adds an element of supply risk to a fairly priced bond.
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IDBI Bank became the first ever Indian borrower to tap the offshore renminbi bond market at the end of last week, selling a Rmb650m ($102.25m) bond that was increased after good demand from investors.
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Although it seems unlikely interest and deposit rates in China will alter in the near future, economists are now more convinced than ever that Beijing should start cutting the onerous required reserve ratio (RRR).
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Beijing’s intention to release a Rmb1 trillion fiscal deposit in December to improve liquidity may disappoint the market as China seeks to maintain sufficient credit in the financial system, says the American bank.
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China’s Wenzhou, an eastern city that's been in the spotlight for harbouring rampant loan sharking, has launched reforms to combat the shadow banking industry and help cash-strapped small businesses.