Greater China

John Flint quit his position as CEO of HSBC on Monday after less than two years in the job, as the bank warned of difficult global conditions in its second quarter results. The bank’s chair Mark Tucker implied the desire for change related to a problem with Flint’s execution of the bank’s strategy, rather than the strategy itself, but the departure has also raised questions about HSBC’s Chinese operations.

The renminbi fell beyond seven against the dollar on Monday morning for the first time in a decade, in what is viewed as China’s response to its worsening relations with the US.

China Lesso Group Holding has launched a $900m four year borrowing into general syndication.

Hong Kong’s Hang Seng Index (HSI) fell by nearly 3% on Monday as a mass strike gripped the city, bringing chaos to public transport and local infrastructure.

In this round-up, the renminbi dropped below seven per US dollar for the first time since the global financial crisis, Hong Kong-listed companies with weighted voting rights are set to be included in the Stock Connect and regulators will score securities houses based on their ability to manage public opinion.

Global equity indices plummeted on Friday morning after US president Donald Trump announced that the US would tax $300bn of Chinese goods in a fresh round off tariffs.

Central China Real Estate and Shandong Chenming Paper Holdings have raised a combined $463m from dollar bond investors amid a weak market backdrop.

New Frontier Corp, a Hong Kong-based special purpose acquisition company (Spac), is planning to raise $300m-equivalent to support its $1.44bn purchase of China’s United Family Healthcare.

JP Morgan has bagged $400m from a rare cash-settled exchangeable bond, with Tencent Holdings as the reference stock, according to a source close to the deal.

China Petrochemical Corp (Sinopec) navigated a weak market following this week’s rate cut announcement to raise $2bn from a three-tranche deal. While it took a smaller amount than usual, its transaction was well-timed, say bankers.

In this round-up, China’s official purchasing managers’ index (PMI) beats expectation, aggregate financing in the Mainland reaches Rmb13tr ($1.9tr) and Nomura’s China joint venture nears kick-off.

In this round-up, US president Donald Trump unexpectedly announced an increase in tariffs on China, the People’s Bank of China (PBoC) bumped up the re-lending quota for smaller banks and Mainland regulators said they are not planning to use the property market as a short-term stimulus.