Latest regulation/policy news
The week in renminbi: Amex gets green light onshore, traders can use existing accounts for London Connect, SGX sees surging A50 futures trading
In this round up, American Express (Amex) becomes the first global credit card firm to receive an onshore RMB settlement licence, Chinese traders using the new London-Shanghai Stock Connect are not required to open new accounts, and the Singapore Exchange (SGX) sees a 91% annual growth in its China stock index futures.
China policy round-up: all eyes are on China’s private sector, CSRC improves stock suspension rules, State Council promises better business environment
State officials provide strong verbal commitment to private sector development, the China Securities Regulatory Commission promises more stringent stock trading suspension rules, and China’s State Council says it will enhance the domestic business environment for domestic and foreign companies.
The week in renminbi: Market rebounds after Xi and Trump’s call, Xi promises further reforms at Shanghai import expo, Dubai International Financial Centre signs MoU with China Banking Association
FX and equity markets jump as a possible US-China trade deal is back in sight, Chinese president Xi Jinping promises more developments on free-trade zones and a registration-based stock system, and the Dubai International Financial Centre takes action to expand Chinese institutions’ access to the Middle East Africa and South Asia (MEASA).
China policy round-up: China offers verbal support to private enterprises, Australia strikes official BRI agreement, Xi and Trump talk trade
In this round-up, Chinese president Xi Jinping promises more support for the private sector, Australia’s state of Victoria becomes the first in the country to support the Belt and Road Initiative (BRI), and Xi and US president Donald Trump discuss trade on a phone call ahead of their meeting at the G20 later this month.
The week in renminbi: Abe’s visit harvests agreements with China, HKMA renews nine offshore PLP licenses, Singapore takes steps to make infrastructure bankable
China and Japan confirm details of currency swaps and plans to invest more in third party markets, the Hong Kong Monetary Authority (HKMA) renews the license of nine authorised institutions as Primary Liquidity Providers (PLPs) for the CNH market in Hong Kong and Singapore sets up new government agency to bridge the funding gap facing Asia’s infrastructure projects.
China policy round-up: New rules for asset management industry, more loosening measures to spur growth, and CBRC suggests broader opening for foreign banks
In this round-up, China Securities Regulatory Commission (CSRC) updates rules for asset management industry, more loosening measures include setting up bailout funds and more credits for private companies, and the China Banking Regulatory Commission issued draft rules to enhance foreign banks' business scope in China.
Foreign appetite for China’s ABS market is growing fast, although the trade war and market infrastructure still pose challenges, according to panellists at IMN’s first Asian Structured Credit Summit on October 24.
The week in renminbi: top regulators offer market support, RMB-JPY swap line coming, China tax cuts details emerge
China’s top financial regulators coordinated statements boost stocks, Japan and China to resume currency swap agreement, and MoF announces additional details on personal tax cuts.
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.
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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||16.70|
|2||Industrial and Commercial Bank of China (ICBC)||14.38|
|4||Agricultural Bank of China (ABC)||9.08|
|5||China CITIC Bank Corp||8.17|
Panda Bond Database
|Pricing Date||Issuer||Country||Size Rmb (m)|
|1||24-Oct-18||China Gas Holdings||China||2,000|
|2||15-Oct-18||China Power International Development||China||2,000|
|3||11-Oct-18||Global Logistic Properties via Iowa China Offshore Holdings||Hong Kong||1,200|
|5||17-Sep-18||The Wharf (Holdings)||Hong Kong||2,000|
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|