Greater China
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China central bank governor Zhou Xiaochuan is back in vogue to control the PBoC. Despite him reaching retirement age, the Party could do far worse than keep him – at least until a better alternative arises.
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China’s central bank will extend a foreign currency swap agreement to the Bank of England, marking a new high for China that lends a level of credibility to the renminbi internationalisation process. -
London’s hiccup with its offshore renminbi deposits numbers highlights the problems with too much reliance on this one data point to measure the market’s maturity.
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Chinese interbank bond regulators are expected to as much as double quotas this year for onshore companies looking to issue offshore as the latest effort to promote renminbi internationalisation.
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In this round up of recent offshore renminbi news, Singapore gains a clearing bank, a west coast American aims to be offshore hub and Taiwan kicks off renminbi trading.
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Top 3 Offshore RMB DCM Transactions - 2013 YTD
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Issuers that tapped the CNH market without a rating three years ago will struggle to refinance as access to the offshore capital market becomes restrictive on mounting investor scrutiny, say experts.
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The new offshore RMB market in Taiwan will contribute to the gradual disappearance of the non-deliverable forward market as China looks to speed up the opening of its capital account.
