Greater China

Hong Kong Exchanges and Clearing (HKEX) has gone live with a volatility control mechanism (VCM) on its derivative market to prevent extreme price volatility.

The bank has reshuffled its management team in commercial banking in Asia, with senior bankers taking on new roles, according to a press release it sent out on Monday.

The fixed income product offering of Shanghai Free Trade Zone is about to expand with Shanghai International Port Group (SIPG) gearing up for a Rmb500m ($73m) one year commercial paper.

The latest syndicated loan for ZhengTong Auto Services, a luxury auto dealership, has wrapped up at $409m, racing past the launch size of $300m as Chinese lenders came in with big commitments.

China Development Bank Corp has turned its sights on adollar-euro transaction to start its 2017 debt issuance.

Issuers anxious to meet with investors before the Chinese New Year are kicking off the week with roadshows around Asia. Beijing Capital Group, Qinghai Provincial Investment Group, China Huarong Asset Management, and Indonesia’s Pan Brothers are all pursuing dollar bonds.

Zhongce Rubber Group is seeking liquidity in the international syndicated loan market for a $300m deal.

High yield real estate names Times Property Holdings and Yanlord Land Group are marketing their respective dollar-denominated bonds on Monday morning, looking to lock in early funding for the year.

Citi has appointed Paulus Mok, a 22-year veteran of the US bank, as its country officer for Taiwan.

Welcome to Trump-week, as the president-elect makes final preparations before being sworn into office this Friday. Trump dominated weekend headlines by declaring that the long-standing One China policy is now up for negotiation. In the renminbi markets, meanwhile, the week is off to a slow start as the currency stabilises, and Chinese authorities discuss the future role of the Shanghai free trade zone.

There is little doubt the RMB had a tough 12 months. But despite the headwinds, China has managed to push through landmark reforms to the capital account and more initiatives are in store for 2017. In the first part of this outlook, market participants discuss how RMB internationalisation (RMBi) will benefit from opening up of onshore hedging products and the far-reaching impact of recently-established New York hub.

In the second part of the GlobalRMB’s outlook on renminbi internationalisation in 2017, market participants discuss the far-reaching impact of the recently-established New York hub.