Greater China

The direct trading of more currencies with the onshore RMB (CNY) will lead to an expansion of the trade-weighted reference basket of currencies introduced by People’s Bank of China (PBoC) in December 2015, HSBC said in a May 19 report.

Morgan Stanley is set to name Jing Qian, its co-head of China investment banking, as chief executive of Morgan Stanley Huaxin Securities Co, the US bank’s joint venture in China.

Zhejiang Geely Holding Group successfully priced its first international green bond on Thursday, keeping the momentum going for the asset class in China. The issuer opted for a standby letter of credit from Bank of China’s London branch in a bid to attract investors and cut its funding costs.

The securitization of non-performing loans in China is finally about to restart after having been mooted for months, with transactions from Bank of China and China Merchants Bank scheduled to launch next week.

China Hongqiao Group is in the market for a $700m three year loan that was opened for syndication this week via seven bookrunners, according to bankers working on the deal.

In this round-up, China's central bank appoints a new deputy governor, first foreign banks with direct access to China’s onshore foreign exchange market are named, the first RMB certificates of deposits (CDs) settle in the US, and eight new RMB qualified foreign institutional investor (RQFII) licences. Plus, a recap of our stories this week.

The chief executive of Morgan Stanley Huaxin Securities Co, the US bank’s joint venture in China, has left the firm.

China Oceanwide Holdings has added $200m to its five year bond issued last year, taking advantage of the note’s strong performance in the aftermarket.

The People’s Bank of China (PBoC) is likely to issue its planned onshore bond denominated in special drawing rights (SDR) as a multi-currency structured note, according to industry participants.

China’s Midea Group is looking to gauge interest for its maiden outing to the international bond market, just days after announcing a multi-billion-euro acquisition in Germany.

CIMB Group has reinstated Nazir Razak as chairman following a month-long review triggered by several money transfers involving his personal bank account.

For some, the fun in travelling is who you are with. For others, it’s a whole different story.