Latest regulation/policy news
China policy round-up: Onshore ratings set for revamp, national team remains key for A-shares, dollar to stay reserve currency of choice
In this policy round-up, the People’s Bank of China revealed plans to fix its bond rating industry, state-owned entities remain a driving force in onshore equities performance, and Moody’s says the dollar is unlikely to be challenged as a global reserve currency any time soon.
The week in renminbi: White House readies trade escalation, the PBoC loosens cross-border FX rules, Tradeweb implements block trading
In this round-up, the White House administration is lining up tariffs covering the entirety of Chinese imports, the People’s Bank of China further relaxes cross-border renminbi trading rules, and Bond Connect’s trading platform Tradeweb goes live with block trading.
China policy round-up: Africa in focus, AmCham asks Hong Kong to step up its policy game, investor ID imminent
China lays out even more ambitious plans for lending, trading and investment in Africa at a summit in Beijing this week, the American Chamber of Commerce in Hong Kong (AmCham HK) makes political and economic agenda recommendations to the city’s government, and Hong Kong Exchanges and Clearing asks market participants to be ready for the implementation of investor ID on the Stock Connect.
The week in renminbi: Trump lays it on China, blueprint out for London Connect, Safe hands Bridgewater Associates an RQFII quota
In this round-up, Donald Trump says more tariffs on Chinese imports are likely, the Chinese authorities release the first London Connect details under public consultation, and State Administration of Foreign Exchange (Safe) adds Ray Dalio's hedge fund to the list of RMB qualified foreign institutional investors.
China policy round-up: Belt and Road turns five, US administration sends mixed messages on renminbi manipulation, Tax clarify for Bond Connect
The Chinese president marks the fifth anniversary of the Belt and Road Initiative (BRI), the US finance minister says China’s support for the renminbi does not count as currency manipulation, and the State Council clarifies its tax collection policy for Bond Connect investors.
Almost six years after China’s asset-backed securities market was rebooted, regulators are still struggling to put together legislation for securitization, casting a shadow over the market’s development, writes Noah Sin.
The week in renminbi: Central bank tightens grip again on CNY, September start for Stock Connect investor ID, foreign ownership cap lifted on futures companies
The People’s Bank of China brings back old policy to control RMB exchange rate, mainland and Hong Kong authorities set the date for launching investor ID for northbound Stock Connect transactions, and the Chinese securities watchdog allows foreign investors to take majority stakes in futures companies.
It has been more than a decade in the making, but China is said to have at last finalised draft guidelines for Panda bond issuers, giving the market some much-needed clarity. But questions still remain, especially around the repatriation of proceeds. Paolo Danese reports.
China policy round-up: Foreign ownership cap formally scrapped for banks and asset managers, PBoC to back exporters, no truce after trade talk
Regulator removes ownership limit in Chinese banks for international lenders, China’s central bank vows support for businesses amid trade war escalation, Beijing and Washington fail to reach concrete agreements after two days of discussions.
Dagong Global Credit Rating, one of China’s largest credit rating agencies, has been banned from rating bonds in the interbank market for one year because it was providing consulting services to companies as it was rating them, the National Association of Financial Market Institutional Investors (Nafmii) announced today.
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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||34.32|
|4||Bank of Taiwan||3.77|
|4||Cathay United Bank||3.77|
Latest Offshore RMB Bonds
|Pricing Date||Issuer||Country||Size Rmb (m)|
|3||03-Sep-18||First Abu Dhabi Bank PJSC||United Arab Emirates||650|
|4||21-Jun-18||Shimao Property Holdings||China||1,200|
|5||19-Jun-18||Korea Development Bank (KDB)||South Korea||1,750|