Latest People & Markets news
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.
China policy round-up: Triparty repo gets clearance, Mainland exports and investments on the rise, HKMA has new PBoC adviser
The People’s Bank of China opened the gates to onshore triparty repo, the Ministry of Commerce reports healthy numbers for exports and investments for the first three quarters of 2018, and the Hong Kong Monetary Authority brought on-board a senior PBoC official on secondment.
China market round-up: GDP trouble, soaring RMB holdings for global investors, Mainland bourses expand overseas ties
China recorded a larger than expected fall in its third quarter GDP, foreigners are still piling into Chinese stocks and bonds despite volatile currency, and the Shanghai and Shenzhen stock exchanges signed co-operation agreements with their French and Russian counterparts.
Société Générale (SocGen) has made two senior management changes in China, expanding its business ambitions in the region.
China is about to find out if it can build a bridge to European liquidity, with Qingdao Haier set to close the first IPO of D-shares in Frankfurt. The debut of the China Europe International Exchange (Ceinex), along with another much talked about equity link to London, will be a key test of whether Chinese issuers can tap new sources of funding abroad. John Loh reports.
The China Securities Regulatory Commission has cut in half the lock-up period for converting global depository receipts (GDRs) into A-shares for the London-Shanghai Stock Connect, expected to launch later this year.
China market round-up: StanChart RMB index rises, State Street joins RQFII scheme, IHS Market launches onshore bond indices
Standard Chartered’s RMB internationalisation index hit a nearly two-year high, State Street entered the RMB qualified foreign institutional with a splash, and index provider IHS Markit partnered with a Chinese clearinghouse for a new set of bond indices.
China policy round-up: RMB reserves surge in Q2, new US investment review aimed at China M&A, US Treasury ready to punish China on FX management
IMF data shows the renminbi saw a nearly 40% jump in global foreign exchange reserves in Q2, the US Treasury introduced interim rules to monitor Chinese investment in US firms, and the US Treasury is also likely set to name China a currency manipulator as early as next week.
The speech by US vice president Mike Pence, delivered at the Hudson Institute on October 4, was the closest to a cogent China strategy formulated by the Trump administration since it took over the White House. Market participants should beware, as the picture those words paint is far from pretty.
The week in renminbi: PBoC announces RRR cut, FX reserves are down, China to support foreign investment
In this round-up, the People’s Bank of China announced a further cut to banks’ reserve requirement ratio (RRR) on Sunday, the Mainland’s foreign exchange reserves dipped in September, and China’s state council prepares measures to support foreign investment.
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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||18.01|
|2||Industrial and Commercial Bank of China (ICBC)||15.02|
|4||Agricultural Bank of China (ABC)||9.79|
|5||China CITIC Bank Corp||8.81|
Panda Bond Database
|Pricing Date||Issuer||Country||Size Rmb (m)|
|1||11-Oct-18||Global Logistic Properties via Iowa China Offshore Holdings||Hong Kong||1,200|
|3||17-Sep-18||The Wharf (Holdings)||Hong Kong||2,000|
|4||10-Sep-18||China Gas Holdings||China||1,500|
|5||20-Aug-18||ABC International (parent: Agricultural Bank of China)||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|