Latest RMB FX news
The week in renminbi: Allianz gets green light for Wfoe, foreign bond investors receive more tax exemptions, PBoC Shanghai supports private enterprises
Welcome back to our Monday newsletter. In this round-up, Allianz gets approval for first wholly foreign-owned enterprise (Wfoe) in the insurance sector, foreign bond investors will receive tax exemptions, and PBoC Shanghai branch is lifting lending quotas to help small and private enterprises.
China market round-up: foreign reserves drop, October exports climb, Singapore Exchange plans to help Chinese enterprises
In this round-up, China’s foreign reserves in October decrease $34bn due to the stronger dollar, monthly exports climbed more than expected, Singapore Exchange signed cooperation agreements to develop more opportunities for Chinese enterprises in Singapore.
The US Treasury declined to name China a currency manipulator in its latest report this week, contrary to expectations. But the last minute save did not prevent the renminbi from moving closer to the line in the sand with an exchange rate of seven per dollar.
The week in renminbi: PBoC props up RMB with old rule, regulator greenlights new CGB futures, FSDC sets the tone before leadership summer meeting
China’s central bank brings back reserve requirement for FX forwards to support the RMB, the securities watchdog welcomes the launch of two year government bond futures, and a top financial regulatory body says it wants more support for the real economy before China’s leaders meet in Beidaihe.
The upcoming inclusion of onshore assets in global indices will drive massive inflows to the onshore capital markets, but will also have the side effect of downsizing the role of the offshore RMB (CNH) markets, according to Julien Martin, the head of FIC product development at the Hong Kong Exchanges and Clearing.
Discussions around the co-existence of two renminbi markets, one onshore and one offshore, are once again picking up pace, market participants told GlobalRMB. It will be up to China’s central bank to clean up the mess once and for all.
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.
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Latest news by market and league table performance
GlobalRMB Panda Bonds league table
|Rank||Arranger||Share % by Volume|
|1||Bank of China (BOC)||21.17|
|2||China Merchants Securities Co||17.84|
|3||Industrial and Commercial Bank of China (ICBC)||14.86|
|4||Agricultural Bank of China (ABC)||10.81|
Panda Bond Database
|Pricing Date||Issuer||Country||Size Rmb (m)|
|3||15-May-19||Republic of the Philippines||Philippines||2,500|
|4||29-Apr-19||Semiconductor Manufacturing International Corp (SMIC)||China||1,000|
|5||29-Apr-19||Semiconductor Manufacturing International Corp (SMIC)||China||500|
Offshore RMB Bond Top Bookrunners
|Rank||Bookrunner||Share % by Volume|
|1||Standard Chartered Bank||25.05|
|4||Bank of China (Hong Kong) (BOCHK)||6.90|
|4||Bank of Communications Hong Kong Branch (BOCOM HK)||6.90|
Latest Offshore RMB Bonds
|Pricing Date||Issuer||Country||Size Rmb (m)|
|1||22-May-19||Agricultural Development Bank of China (ADBC)||China||3,000|
|2||16-Apr-19||ICBC Singapore Branch||China||1,000|
|3||10-Apr-19||Bank of China Macau Branch (BOC Macau)||China||4,500|
|4||15-Mar-19||Bank of Communications Hong Kong Branch (BOCOM HK)||China||2,500|
|5||13-Mar-19||Daimler International Finance||Germany||1,000|