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The People’s Bank of China stunned financial markets this week when it weakened the onshore RMB (CNY) fixing by nearly 2% — the largest single day depreciation ever.

The middle of August is an acceptable time to be quiet if you are a leveraged loan banker or investor, but as deal flow dwindles, many are reflecting on a disappointing year.

Opinion is divided about whether this week's unexpected move by the People’s Bank of China (PBoC) to devalue the renminbi marks a landmark for the country or reeks of desperation.

The People’s Bank of China (PBoC) said on Thursday that it would allow qualified foreign entities to participate in the onshore foreign exchange market in a move that is aimed at helping encourage the convergence of the onshore and offshore renminbi FX rates. The development came in an already turbulent week for the RMB, which has seen a big devaluation as the PBoC changes its approach.

HM Sampoerna, the Indonesian arm of cigarette giant Philip Morris International, will go to shareholders to raise up to Rph26.70tr ($1.98bn) via a rights issue as it seeks to increase its free float.

BNP Paribas played it safe on Wednesday, printing its $1.5bn AT1 in US hours to avoid any potential fall-out from the China related sell-off.

Metro Retail shops around $123m float — Alkem Laboratories files $200m listing — CRCC High-Tech gets IPO on track

Tofas, the Turkish automaker owned by Koc Holding and Fiat, has signed a €200m seven year loan that it had expected to close by the end of June.

The Indian government moved a step closer to reducing its stake in Indian Oil Corp, after mandating five banks to lead a 10% share sale that could be worth as much as Rp94.27bn ($1.5bn).

HSBC has slashed its forecast for volumes of offshore renminbi bonds and certificate of deposits for the year, as attractive costs of onshore funding steal the limelight from dim sum issuance.

The sharp fall in the renminbi is expected to take a huge toll on offshore bonds in the currency, shutting down the pipeline at least for the rest of the month. But more worrying are the potential longer term consequences if the downward pressure spreads to other Asian EM currencies.

The Singapore IPO market finally has something to look forward to, after a quiet year to date, thanks to Jiangxi Jiangling Chassis, which filed its preliminary prospectus on August 12.