Latest RMB FX news
Chinese regulators are cracking down on foreign currency trading, going after brokers who have flouted restrictions by operating in a legal grey area. GlobalRMB investigates.
China Foreign Exchange Trade System (CFETS) has added the central limit order book and executable streaming price features to the onshore interbank FX market — a move which helps close the gap in FX trading technology between China and the international markets.
The week in renminbi: CFETS kicks off Thai baht trading, top Chinese official assures Hong Kong of its RMBi role, CCB opens New Zealand branch
China launches onshore trading for Thai baht, NPC chairman says Hong Kong remains important to China’s effort to promote the renminbi, and China Construction Bank opens a new branch in Auckland.
RMB round-up: China signs $12.8bn deals with UK, RMB up one in payments, Aberdeen adds Rmb5.3b RQFII quotas
China agreed to $12.8bn of deals with the UK during the British prime minister’s state visit, RMB returns as the fifth most used global payments currency, and Aberdeen Asset Management grabs Rmb5.3bn ($842.8m) new renminbi qualified foreign institutional investor (RQFII) quotas.
Data releases by a number of monetary authorities show uneven turnover in RMB-denominated FX transactions around the globe.
The week in renminbi: CBRC reinforces deleveraging effort, more scrutiny for outbound investment, China pushes maritime sector for BRI
China’s banking regulator prioritises deleveraging of financial institutions and individuals, the Chinese government tightens grip on overseas investment with new guidelines, and regulators encourage financing for the maritime industry in an effort to promote the Belt and Road Initiative.
The week in renminbi: Counter-cyclical factor tamed but not gone, PBoC puts new ceiling on cross-border RMB financing, CSRC tightens grip on private bonds
China Foreign Exchange Trade System (CFETS) insists that the counter-cyclical factor remains in place, the Chinese central bank introduces a new limit on cross-border financing for commercial banks, and China Securities Regulatory Commission (CSRC) reportedly cracks down on risky private bond issuance.
Promoting RMB internationalisation is necessary for China to safeguard its national security, Anthony Leung, chairman and CEO of Nan Fung Group and former financial secretary of Hong Kong, told the Asian Financial Forum on January 16.
More central banks may add the Chinese currency to their FX reserves following Bundesbank’s indication to do so, Yifan Hu, regional chief investment officer and chief China economist at UBS, said at the Asian Financial Forum (AFF) on January 16.
The State Administration of Foreign Exchange (Safe) has poured cold water over claims that China may stop buying US Treasury bonds. But there is a need for the country to diversify its debt portfolio in the long run if it is serious about promoting RMB internationalisation, economists told GlobalRMB.
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Latest news by market and league table performance
GlobalRMB Panda Bonds league table
|Rank||Arranger||Share % by Volume|
|1||China Merchants Securities Co||18.47|
|2||Agricultural Bank of China (ABC)||16.20|
|4||China CITIC Bank Corp||14.58|
|5||Industrial and Commercial Bank of China (ICBC)||11.34|
Panda Bond Database
|Pricing Date||Issuer||Country||Size Rmb (m)|
|1||11-Apr-18||China Jinmao Holdings||China||3,000|
|2||11-Apr-18||Global Logistic Properties via Iowa China Offshore Holdings||Hong Kong||1,200|
|3||04-Apr-18||China Resources Land||China||4,000|
|4||03-Apr-18||Global Logistic Properties via Iowa China Offshore Holdings||Hong Kong||4,000|
|5||28-Mar-18||Global Logistic Properties via Iowa China Offshore Holdings||Hong Kong||1,200|
Offshore RMB Bond Top Bookrunners
|Rank||Bookrunner||Share % by Volume|
|1||Standard Chartered Bank||31.44|
|3||Bank of Taiwan||5.57|
|3||Cathay United Bank||5.57|
|5||Societe Generale Securities Services||4.83|
Latest Offshore RMB Bonds
|Pricing Date||Issuer||Country||Size Rmb (m)|
|1||19-Apr-18||Shui On Development (Holdco for Shui On Land)||China||600|
|2||10-Apr-18||Bank of China Taipei Branch (BOC Taipei)||China||3,000|
|3||27-Mar-18||Daimler International Finance||Germany||1,000|
|5||19-Mar-18||Beijing Capital Polaris Investment||China||630|