Greater China

China watchers have struggled to come to terms with the renminbi’s weakness during most of September. But while China’s leaders can sometimes be hard to analyse, the monetary authorities have been pretty clear about their currency policy — and they mean it.

Global Logistic Properties returned to the Panda bond market with a five year note on October 13, raising Rmb1bn ($151.8m). But unlike its last issuance in 2016, GLP opted for the interbank instead of the exchange market, as the company searches for longer-term RMB funding for its China business.

China's PPDAI Group, an online platform for peer-to-peer loans, is sounding out investors for its $350m listing of American Depositary Shares on the New York Stock Exchange.

Chinese after-school tutoring service Four Seasons Education has begun premarketing for its potential $120m IPO on the New York Stock Exchange, according to a source close to the deal.

Sogou, the internet search arm of US-listed Sohu.com, has filed for a $600m IPO on the New York Stock Exchange.

China Huaneng Group, one of China’s largest state-owned power companies, has picked four banks to work on a dollar-denominated senior perpetual bond. The company will visit Hong Kong and Singapore to pitch the deal from Tuesday.

Chinese private company Yihua Enterprises Group Co ventured into the international bond market on Monday, pitching its maiden deal with a three year tenor.

Crystal International Group intends to start taking orders for its $574m Hong Kong IPO on Tuesday at a valuation of up to 15 times earnings, according to bankers close to the matter.

China Construction Bank Corporation launched a Singapore dollar bond on Monday, preparing to issue the bond through its local branch.

Chinese private equity manager Tongchuangjiuding Investment Management Group Co is planning to reopen a dollar bond it priced just three months ago. The issuer will hold a two-day roadshow in Hong Kong from Monday.

The governor of the People’s Bank of China says the country should redefine corporate debt, China’s GDP growth could rise to 7% in the second half, and the International Monetary Fund and the World Bank plan annual forums on the Belt and Road Initiative (BRI).

Rapid increases in private sector debt across Asia could leave some countries vulnerable as interest rates return to more normal levels, Changyong Rhee, director in the Asia and Pacific department at the International Monetary Fund, has warned.