Latest RMB People & Markets news
China will not amend the RMB trading band in the near term, Zhou Xiaochuan, governor of the People’s Bank of China, said on October 19. Zhou made the remarks shortly after the central bank defended its recent changes to the FX rate mechanism in a report.
China will allow the markets to have a greater influence on the renminbi’s exchange rate, Xi Jinping, president of China, said in the opening speech of the 19th Communist Party Congress on Wednesday.
China’s economic growth will do little to help promote renminbi internationalisation, according to an October 17 report by Swift. The comment came as the renminbi falls to eighth place in the league table of the world’s most used payment currencies.
Global Logistic Properties returned to the Panda bond market with a five year note on October 13, raising Rmb1bn ($151.8m). But unlike its last issuance in 2016, GLP opted for the interbank instead of the exchange market, as the company searches for longer-term RMB funding for its China business.
The week in renminbi: PBoC governor urges corporate debt redefinition, China’s GDP growth to hit 7% in H2, IMF, World Bank to hold annual BRI forums
The governor of the People’s Bank of China says the country should redefine corporate debt, China’s GDP growth could rise to 7% in the second half, and the International Monetary Fund and the World Bank plan annual forums on the Belt and Road Initiative (BRI).
Market participants in Hong Kong have welcomed plans by regulators to install a new investor identification mechanism, which will require northbound investors participating in Stock Connect to reveal their identities by the middle of 2018.
Chinese capital market bankers will be keeping a close eye on a crucial meeting of the country’s Communist Party next week, as China’s president, Xi Jinping, attempts to consolidate his power. Although analysts and economists admit it is hard to read the tea leaves, most think the country’s financial market reform efforts are going to gather pace in the next five years. Paolo Danese reports.
The Chinese Ministry of Finance (MoF) has begun mandating underwriters to issue two tranches of sovereign dollar bonds – the country’s first outing in the dollar market for more than a decade.
Like most foreign banks in the Chinese securitization market, Standard Chartered has focused on doing business with foreign originators. But now it wants to compete more directly with local underwriters by entering the growing asset-backed notes (ABN) market, Wesley Yang, the bank’s head of financial markets for China, told GlobalRMB.
China Construction Bank has appointed respected senior banker Tian Guoli as chairman and executive director, effective Monday, the lender has said in a Hong Kong stock exchange filing.
Credit Suisse expanded the responsibilities of two veteran bankers, naming one as the chairman of its Hong Kong operation and another as chief executive for Greater China.
The week in renminbi: Fitch says shadow banking shrinking in China, US delays Chinese tariff decision, CDB approves $50bn loans to Africa
Fitch Ratings says China has made progress in downsizing the country’s shadow banking sector, the US Department of Commerce delays its decision over imposing tariffs on Chinese goods, and China Development Bank (CDB) loans to Africa total more than $50bn in the first half of this year.
RMB round-up: PBoC stresses neutral monetary policy, CSRC wants home-grown top tier investment banks, A-shares stay on watch list for FTSE Russell reclassification
The People’s Bank of China sticks to its neutral monetary policy, China Securities Regulatory Commission (CSRC) says it wants to build first class investment banks in the domestic market, and FTSE Russell refrains from reclassifying the Chinese A-share market as a secondary emerging market.
Nomura has grabbed senior Hong Kong-based banker Perry Tsea from Deutsche Bank to lead its Greater China financial institutions group.
China and Luxembourg made their first collaboration in equities on September 28, launching a green stock index. But experts say that while indices such as this are necessary for Chinese green finance to grow, they are not sufficient to ensure its success.
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GlobalRMB Panda Bonds league table
|Rank||Arranger||Share % by Volume|
|1||Bank of China (BOC)||28.15|
|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|
Offshore RMB Bond Top Bookrunners
|Rank||Bookrunner||Share % by Volume|
|1||Standard Chartered Bank||37.58|
Latest Offshore RMB Bonds
|Pricing Date||Issuer||Country||Size Rmb (m)|
|1||19-Oct-17||Commonwealth Bank of Australia (CBA)||Australia||1,500|
|2||11-Oct-17||BMW Finance NV||The Netherlands||1,000|
|4||28-Sep-17||National Bank of Canada||Canada||600|
|5||22-Sep-17||Royal Bank of Canada||Canada||900|