Latest regulation/policy news
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.
In the fourth and final part of a series of articles on China’s financial transformation, GlobalRMB looks at the commodity trading markets. From the launch of a new energy exchange to the increasing domestic trading of crude oil, gold and iron contracts, the wheels are already in motion for major change.
China has brought its banking and insurance watchdogs under one roof, a move in line with its plans to consolidate government departments. The People’s Bank of China is set to gain an even broader mandate as a result of the change.
As he heads towards the exit, Zhou Xiaochuan, the governor of the People’s Bank of China, is not only handing over the baton of RMB internationalisation to his successor, but to market participants as well. He also insisted the central bank will not let risk prevention get in the way of further reform.
The week in renminbi: Regulator fleshes out foreign ownership reform, Xi’s indefinite rule confirmed, China downplays trade war with the US
The China Securities Regulatory Commission (CSRC) lifts restrictions on foreign investors seeking a majority stake in local securities firms, lawmakers consent to move to scrap the two-term presidential limit, and the Chinese commerce minister says the country will not fight a trade war with the US.
In the third of a four-part series of articles on China’s financial transformation, cash management experts tell GlobalRMB the wheels are again in motion for foreign corporations in China to move past nearly three years of strict capital controls that have all but killed their intent of using the country as a regional treasury hub.
Regulators in China have finally published issuance guidelines for Belt and Road bonds. But the rules still do not clearly define which bonds qualify, and fail to address issuers’ concerns on capital repatriation and borrowing costs.
Chinese lawmakers are gathering in Beijing for their annual conference, with premier Li Keqiang already announcing measures to further open up financial markets. China’s parliament is expected to consolidate regulations overseeing foreign investments, and analysts are anticipating announcements on who will take the helm at the People’s Bank of China after Zhou Xiaochuan.
The week in renminbi: Chinese government unveils GDP target, MofCom slams Trump’s steel tariffs, bourses publish Belt and Road bond guidelines
China sticks to a 6.5% growth target for 2018, Ministry of Commerce (MofCom) criticises a US proposal to impose tariffs on steel and aluminium imports, and the Shanghai and Shenzhen stock exchanges outline rules for Belt and Road bond issuers.
China's banking watchdog has scrapped approval requirements for foreign banks on a series of business lines, including for launching so-called ‘offshore wealth management services’. But banks will not benefit from the change unless China also relaxes its tight grip in other areas, such as control on capital flows, lawyers and analysts said this week.
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Latest news by market and league table performance
GlobalRMB Panda Bonds league table
|Rank||Arranger||Share % by Volume|
|1||Industrial and Commercial Bank of China (ICBC)||20.05|
|2||China CITIC Bank Corp||17.18|
|2||Agricultural Bank of China (ABC)||17.18|
|5||China Merchants Securities Co||9.74|
Panda Bond Database
|Pricing Date||Issuer||Country||Size Rmb (m)|
|1||20-Mar-18||Republic of the Philippines||Philippines||1,460|
|2||08-Mar-18||China Resources Land||China||6,000|
|3||06-Mar-18||Air Liquide Finance||France||2,200|
|4||09-Feb-18||Sino-Ocean Group Holdings||Hong Kong||3,000|
|5||06-Feb-18||Global Logistic Properties via Iowa China Offshore Holdings||Hong Kong||1,200|
Offshore RMB Bond Top Bookrunners
|Rank||Bookrunner||Share % by Volume|
|1||Standard Chartered Bank||40.71|
|3||Bank of China (BOC)||5.36|
Latest Offshore RMB Bonds
|Pricing Date||Issuer||Country||Size Rmb (m)|
|1||16-Mar-18||First Abu Dhabi Bank PJSC||United Arab Emirates||900|
|2||14-Mar-18||Greenland Holding Group||China||1,500|
|3||08-Mar-18||Shinhan Bank||South Korea||950|
|4||05-Mar-18||Country Garden Holdings||China||950|
|5||02-Mar-18||Arab Petroleum Investments Corporation (Apicorp)||Saudi Arabia||630|