Latest comment on RMB

  • President Xi shows how to make stalling look like reform

    Chinese president Xi Jinping delivered the message everybody wanted to hear: despite the trade spat with the US, China will keep opening up its markets to foreign firms. But the speech was light on substance. The remarks feel like more of China’s vintage ‘stall and delay’ strategy rather than the much-touted ‘new era’. That could backfire, especially since Donald Trump seems hell-bent on making his aggressive trade policy towards China a reality.

    • 16 Apr 2018
  • Panda bonds aren’t fit for purpose. Time to cut the red tape.

    Panda bond issuance has so far been dominated by overseas-incorporated Chinese names. That bolsters volumes, but it does little to help the market fulfil its role of boosting RMB internationalisation. Policymakers have the chance to fix it — but only if they are bold enough to let markets play a bigger role.

    • 07 Feb 2018
  • Dim sum bonds: here today, gone tomorrow

    China’s offshore renminbi bond market has made a strong start to the year, with two foreign issuers already selling dim sum notes. The signs for a robust 2018 are there but the market’s return to form will be contingent on more than just issuer interest.

    • 16 Jan 2018
  • Belt and Road Pandas finally come of age

    DCM bankers often market Panda bonds as Belt and Road bonds, even when they have little to do with China’s landmark infrastructure plan. But in recent weeks, issuers with genuine needs for funding Belt and Road projects have started to tap the market. The change could open up a new frontier for RMB internationalisation.

    • 09 Jan 2018
  • Backtracking on reforms not an option for China

    Foreign ownership reform in the Chinese financial sector is not only a landmark in the country’s opening up, but also a strategic move to rebalance US-China trade. But recent guidelines curtailing banking sector liberalisation appear to be a case of one step forward, two steps back for China. Now more than ever, Beijing must not let its caution around financial risk take over and undo its strategy.

    • 28 Nov 2017
  • The bold and the beautiful

    The hubbub over China’s five-yearly Party Congress is now behind us and the country’s regulators are ready to get back to business. In that vein, unusually forceful comments from Zhou Xiaochuan, outgoing governor of the People's Bank of China, on the urgency of deleveraging are more than welcome.

    • 14 Nov 2017
  • China reforms: Banks are right to be cautious

    China’s extraordinary liberalisation of its financial markets last week, which cleared the way for foreign ownership of a range of financial institutions, has only found mild enthusiasm among foreign banks so far. They can be forgiven for not immediately breaking out the champagne.

    • 14 Nov 2017
  • Dim sum is best served hot

    Recent deals are breathing life into a dim sum bond market that has faced a drought in supply. And with market conditions turning in the sell side’s favour, more issuers should syphon off this renminbi funding stream.

    • 24 Oct 2017
  • Time to let the barbarians through the gate

    Xi Jinping's first term has seen a series of concrete steps taken towards opening up the country's capital markets. With the five-yearly Party Congress starting this week, it is now time for China's leadership to take the leap from granting access to giving global investors real influence on the market.

    • 17 Oct 2017
  • Don’t be surprised by renminbi weakness

    China watchers have struggled to come to terms with the renminbi’s weakness during most of September. But while China’s leaders can sometimes be hard to analyse, the monetary authorities have been pretty clear about their currency policy — and they mean it.

    • 16 Oct 2017

RMB Comment archive

GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 China Merchants Securities Co 21.76
2 Agricultural Bank of China (ABC) 15.11
2 CITIC Securities 15.11
4 China CITIC Bank Corp 13.60
5 Industrial and Commercial Bank of China (ICBC) 10.58

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 09-May-18 Daimler Germany 5,000
2 26-Apr-18 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 1,500
3 26-Apr-18 Trafigura Singapore 500
4 23-Apr-18 CAR Inc Hong Kong 730
5 11-Apr-18 China Jinmao Holdings China 3,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 35.60
2 HSBC 15.23
3 Bank of Taiwan 4.86
3 Cathay United Bank 4.86
5 Societe Generale Securities Services 4.21

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 16-May-18 First Abu Dhabi Bank PJSC United Arab Emirates 1,100
2 04-May-18 Busan Bank South Korea 500
3 27-Apr-18 Central American Bank for Economic Integration (CABEI) Honduras 2,000
4 24-Apr-18 CAR Inc China 350
5 19-Apr-18 Shui On Development (Holdco for Shui On Land) China 600