PBoC band widening proposal muddies the waters, say analysts

The People's Bank of China signalled it was not done tinkering with its FX policy framework on July 12, when it made a proposal to expand the RMB daily trading band. Analysts agree the move is a step forward, but add that it contradicts the PBoC's recent push for increased control of the currency.

  • By Paolo Danese
  • 14 Jul 2017

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GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 Bank of China (BOC) 30.14
2 CITIC Securities 23.05
3 China CITIC Bank Corp 10.64
4 Industrial and Commercial Bank of China (ICBC) 8.27
4 Everbright Securities 8.27

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 14-Sep-17 Bank of China (Hong Kong) (BOCHK) China 9,000
2 05-Sep-17 Joy City China 1,000
3 01-Sep-17 Rusal Russian Federation 500
4 23-Aug-17 Daimler Germany 5,000
5 02-Aug-17 China Gas Holdings China 1,500

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 JP Morgan 49.70
2 Barclays 10.06
2 Citi 10.06
2 HSBC 10.06
2 Bank of China (BOC) 10.06

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 01-Jun-17 Ocean Wealth (Parent: China Orient Asset Management) China 632
2 11-Apr-17 Bank of China Johannesburg Branch (BOC Johannesburg) China 1,500
3 22-Feb-17 Ocean Wealth (Parent: China Orient Asset Management) China 850
4 28-Nov-16 Loncin Holdings China 800
5 04-Nov-16 China Nuclear Engineering Group China 1,500