Greater China

The days of the renminbi as a stable currency with high investment yields are gone, but this is good in the long run for banks that want to have a healthier CNH balance sheet, says Andrew Fung, executive director and head of global banking and markets at Hang Seng Bank.

Four banks have launched a €600m ($673m) financing for China National Chemical Corp (ChemChina) into general syndication, after bringing on board two lenders during the senior phase.

Hengtou Securities has covered books for its HK$1.69bn ($218.07m) IPO in Hong Kong, with the leads looking to close and price the trade slightly earlier than scheduled.

Real estate developer Country Garden Holdings is readying itself to become the first Chinese issuer to sell a sukuk, announcing on October 5 its intention to print an Islamic bond based on the shariah principle of Murabahah.

The renminbi became the fourth most used currency for payments in August, overtaking the yen with a share of 2.79% of global payments, beating the Japanese currency by a small margin of 0.03%, Swift said in an October 6 report.

Hong Kong Exchanges and Clearing has backed down from an earlier proposal to allow weighted voting rights (WVRs) for companies seeking a listing on the bourse, bowing to pressure from the city’s securities regulator.

Datang Environment Industry Group Co, a unit of state-owned China Datang Group, is seeking to list in Hong Kong, tapping Citic CLSA Securities and Morgan Stanley as joint sponsors.

China Reinsurance Corp and China Huarong Asset Management have kicked off the investor education phase of their respective Hong Kong IPOs, with both targeting multi-billion dollar offerings.

Chinese property developer Gemdale Corp has completed the buyback of three bonds, securing drastically different results for the dollar and renminbi-denominated portions.

Luxembourg’s local fund industry association published a guide for institutions who want to join the RMB qualified foreign institutional investor (RQFII). It comes after the country was awarded a quota of Rmb50bn in April 2015.

Dongfeng Motor Group is set to meet investors ahead of what will be its first offshore bond. The company has opted for a euro deal as it aims to use proceeds to pay back part of a bridge loan in that currency.

People’s Bank of China (PBoC) has lifted the threshold for multinational corporations (MNCs) to use the cross-border cash pooling scheme across China. The scheme had originally been introduced in the Shanghai pilot free trade zone (FTZ) in early 2014.