Greater China
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The last of China’s five SOEs to receive a quota to issue dim sum is preparing to tap the offshore market. Now regulators must consider how to improve the system before the next round of bond approvals.
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Supranational bodies are unlikely to tap the CNH discounted notes market in the short term as the genuine need for renminbi funding by these entities remain limited, say experts.
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In this round up of recent offshore renminbi news, China and the UK discuss a swap line, regulators prepare to expand dims sum and RQFII quotas and clearing service begins offering USD/CNH futures.
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The renminbi continues its ascension towards becoming a major international payments currency, surging 24% and overtaking the Russian rouble, says Swift. -
Top 3 Offshore RMB DCM Transactions - 2013 YTD
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Abundant liquidity has driven offshore rates 50 basis points (bp) lower than their Mainland counterpart spurring CD and dims sum issuance but this gap is expect to close as new cross-border initiatives absorb liquidity.
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China’s stock market regulator will expand the renminbi qualified foreign institutional investor programme to include more participants with a renewed focus on equities.
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Far East Consortium raised Rmb1bn ($158.9m) on Monday evening, after its bookrunners were able to double the size of a dim sum bond from what they had initially planned. The company turned its back on a dollar bond last year after struggling to get enough demand, but that was clearly not a problem in the offshore renminbi market.
