Singapore

In this round-up, Hong Kong RMB deposits shrank further in March, southbound usage of the Shanghai-Hong Kong Stock Connect picked up, China's foreign exchange regulator granted four new RMB qualified foreign institutional investor (RQFII) quotas in April, and Singapore Exchange launched trading of derivatives under the new MSCI China Free Index. Plus, a recap of GlobalRMB's top stories this week.

Singapore Diamond Investment Exchange is looking ahead to derivatives products and exchange traded funds as it opens for business as the world’s first commodity exchange for physically settled diamonds.

Kelvin Leung has left Credit Suisse’s non-Japan Asia equity syndicate desk to pursue other interests, according to a source close to the move.

Manulife US Real Estate Investment Trust kicked off its second try at a Singapore listing on Tuesday with the launch of a bigger, bolder trade, this time expecting to raise up to $470m.

Standard Chartered has promoted Aaron Gwak to head Asean capital markets.

Manulife US Real Estate Investment Trust started taking orders for its $470m Singapore IPO on Tuesday and is hoping to woo investors following a failed attempt at a listing last year.

Industrial and Commercial Bank of China’s Singapore branch has ventured out to the dollar bond market straight after the end of Labour Day holidays, launching a three year offering on Tuesday.

Citi has named Amol Gupte as its country officer for Singapore and head of Asean, succeeding Michael Zink who will be retiring.

In this round-up, London overtakes Singapore as an RMB hub, foreign ownership of onshore RMB assets picks up, QDII products see further growth, and the US and China plan June economic meeting. Plus, a recap of our top stories this week.

Indonesian power producer Cikarang Listrindo started pre-deal investor education for its $300m-$400m IPO on Thursday and is expected to open books by mid-May.

The number of offshore RMB hubs has risen rapidly in the last few years to hit 20 last year. But having more offshore hubs does not necessarily equates to more global usage of the currency, say market observers who are hoping China will adopt a new strategy.

StanChart veteran Lim retires — Lam given top China job at Citi — Citi India banker heads to HDFC Bank — BNP Paribas hires Ratliff for senior role