Latest RMB FX news
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.
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.
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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||19.83|
|2||Industrial and Commercial Bank of China (ICBC)||14.01|
|4||Agricultural Bank of China (ABC)||10.78|
|5||China CITIC Bank Corp||9.70|
Panda Bond Database
|Pricing Date||Issuer||Country||Size Rmb (m)|
|1||20-Aug-18||ABC International (parent: Agricultural Bank of China)||China||3,000|
|4||08-Aug-18||Veolia Environnement SA||France||1,000|
|5||19-Jul-18||Beijing Enterprises Water Group||China||3,000|
Offshore RMB Bond Top Bookrunners
|Rank||Bookrunner||Share % by Volume|
|1||Standard Chartered Bank||33.31|
|4||Bank of Taiwan||3.60|
|4||Cathay United Bank||3.60|
Latest Offshore RMB Bonds
|Pricing Date||Issuer||Country||Size Rmb (m)|
|1||19-Sep-18||Agricultural Development Bank of China (ADBC)||China||1,200|
|2||17-Sep-18||Hitachi Capital (UK)||United Kingdom||600|
|5||03-Sep-18||First Abu Dhabi Bank PJSC||United Arab Emirates||650|