Latest comment on RMB

  • The bold and the beautiful

    The hubbub over China’s five-yearly Party Congress is now behind us and the country’s regulators are ready to get back to business. In that vein, unusually forceful comments from Zhou Xiaochuan, outgoing governor of the People's Bank of China, on the urgency of deleveraging are more than welcome.

    • 14 Nov 2017
  • China reforms: Banks are right to be cautious

    China’s extraordinary liberalisation of its financial markets last week, which cleared the way for foreign ownership of a range of financial institutions, has only found mild enthusiasm among foreign banks so far. They can be forgiven for not immediately breaking out the champagne.

    • 14 Nov 2017
  • Dim sum is best served hot

    Recent deals are breathing life into a dim sum bond market that has faced a drought in supply. And with market conditions turning in the sell side’s favour, more issuers should syphon off this renminbi funding stream.

    • 24 Oct 2017
  • Time to let the barbarians through the gate

    Xi Jinping's first term has seen a series of concrete steps taken towards opening up the country's capital markets. With the five-yearly Party Congress starting this week, it is now time for China's leadership to take the leap from granting access to giving global investors real influence on the market.

    • 17 Oct 2017
  • Don’t be surprised by renminbi weakness

    China watchers have struggled to come to terms with the renminbi’s weakness during most of September. But while China’s leaders can sometimes be hard to analyse, the monetary authorities have been pretty clear about their currency policy — and they mean it.

    • 16 Oct 2017
  • Chinese absence an opportunity, and a test, for Asia bonds

    Chinese issuers and investors are likely to be largely absent from the dollar bond market for the next few weeks, as the country prepares for a crucial meeting of Communist Party officials. The slowdown will be a good chance for issuers from elsewhere in the region to tap the market — and demonstrate whether Asia’s bond market can remain standing without Chinese liquidity.

    • 10 Oct 2017
  • Oil, RMB and the petrodollar’s demise

    The goal of making the RMB a global commodities currency is not a job for those looking for quick successes. But recent moves from Russia and the Middle East have laid further bricks on the road to glory for China.

    • 12 Sep 2017
  • Hong Kong needs to get IPO Connect right

    China’s A-share market has one of the largest pools of domestic investors in the world. So it’s no surprise Hong Kong’s exchange is desperate to link its primary IPO market with the mainland. While there could be plenty of benefits, the city’s regulator should think long and hard before opening itself up to a potentially uncontrollable flood of money.

    • 05 Sep 2017
  • The East is Red

    In the latest Clawback, columnist Philippe Espinasse puts cash trading numbers in Hong Kong under the microscope to some rather interesting results.

    • 04 Sep 2017
  • IMF tells it like it is on China’s liberalisation delays

    Chinese authorities are once again voicing their desire to get back on track with the reform agenda. But Bond Connect aside, there is not much evidence the powers that be are delivering on that promise — as the International Monetary Fund (IMF) rightly makes clear in its China country report.

    • 15 Aug 2017

RMB Comment archive

GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 Bank of China (BOC) 28.15
2 CITIC Securities 21.52
3 China CITIC Bank Corp 9.93
4 China Merchants Bank Co 9.38
5 Industrial and Commercial Bank of China (ICBC) 7.73

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 13-Oct-17 Global Logistic Properties Singapore 1,000
2 19-Sep-17 Skyworth Digital Holdings China 2,000
3 14-Sep-17 Bank of China (Hong Kong) (BOCHK) China 9,000
4 05-Sep-17 Joy City China 1,000
5 01-Sep-17 Rusal Russian Federation 500

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 31.63
2 BNP Paribas 16.57
3 HSBC 14.01
4 JP Morgan 13.39
5 Credit Agricole 11.30

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 15-Nov-17 Bank of China Paris Branch (BOC Paris) China 1,000
2 02-Nov-17 Hitachi Capital (UK) United Kingdom 500
3 27-Oct-17 Korea Development Bank (KDB) South Korea 1,400
4 19-Oct-17 Commonwealth Bank of Australia (CBA) Australia 1,500
5 11-Oct-17 BMW Finance NV The Netherlands 1,000