Greater China

The RMB remained a tiny portion of payments between the US and China in May, according to the latest Swift data. Meanwhile, the RMB remained in sixth position among the most used payment currencies.

The market reaction to the UK’s surprise decision to leave the European Union has been immediate with stocks falling, the pound weakening and the country downgraded by international rating agencies. But market participants are worried that the worse has yet to come and London could be set to lose its shine as a premium renminbi hub.

China Resources Pharmaceutical Group and Cofco Meat Holdings are planning to float on Hong Kong’s main board, having filed for approvals from the city’s exchange on Monday.

Biostime International Holdings’ refinancing of a $450m bridge loan has been oversubscribed in syndication.

Early offers in 5-year CNY NDIRS faded given building expectations for a corrective curve steepening move. China will look to sell CNY14bn in dim sum bonds in Hong Kong this week. CNY/KRW can now be traded directly in the FX market, writes Deirdre Yeung of Total Derivatives.

Morgan Stanley has appointed a new chief China economist, poaching from Goldman Sachs.

Citic Securities Company has named Yang Minghui as a general manager, firming up his appointment at a meeting of its board of directors.

Electrical fixtures maker Aupu Group Holding Company is sounding out lenders for a borrowing of about $100m, according to two bankers familiar with the matter.

Volatility has reigned following the UK’s decision to exit the European Union last Friday. But market participants in Asia are now hopeful that the region’s high yield market will be a new go-to place for investors trying to redeploy their funds away from Europe.

Singapore water treatment firm Citic Envirotech is seeking a tap of the $175m 5.45% perpetual notes that it originally sold last year, becoming the first issuer in Asia to test the G3 market since Brexit.

Hong Kong listed Chinese real estate company Skyfame Realty has sealed a $60m two year term loan with one lender.

German carmaker Daimler returned to the Panda bond market following a more than two-year hiatus, raising Rmb4bn ($604m) from a private placement.