Latest regulation/policy news

  • RMB round-up: China adds perks to lure foreign investors, advisor says PBoC won’t follow Fed hike, MofCom hits back at Trump’s IP investigation

    The State Council publishes a series of policies to attract foreign investment, a People’s Bank of China (PBoC) advisor said China will unlikely follow the Federal Reserve in hiking rates this year, and the Ministry of Commerce (MofCom) criticises an US investigation into intellectual property rights in China.

    • 18 Aug 2017
  • China lags on capital account liberalisation, says IMF

    A raft of measures approved over the past two decades has opened the door to China’s onshore capital markets. But the Mainland still fares poorly against other countries in its pace of opening up, the International Monetary Fund (IMF) said in its latest China country report.

    • 16 Aug 2017
  • FSDC unlikely to foreshadow mega-merger, say experts

    China’s new Financial Stability and Development Commission (FSDC), set up in July and integrated into the country’s central bank, reflects the authorities’ desire to change the regulatory set-up. But it is unlikely to lead to an outright merger of regulators.

    • 11 Aug 2017
  • Panda-monium: volatile issuance divides opinion

    Panda bonds are finally coming back to life after a dire first half. But although all the conditions are in place for an issuance boom, there is reason to doubt quite how high volumes will go.

    • 20 Jul 2017
  • 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.

    • 14 Jul 2017
  • Pimco applauds Bond Connect, but cautious on renminbi

    Asset manager Pimco said the launch of Bond Connect addressed important concerns by foreign investors, but added that the outlook for the RMB remained somewhat bearish.

    • 10 Jul 2017
  • It’s here! Bond Connect opens up China debt

    Chinese regulators opened the door to foreign bond investors this week, launching a Bond Connect scheme that offers unfettered access to onshore renminbi bonds. The scheme promises to be a game-changer for global investors — as long as China does not rest on its laurels. Paolo Danese and Morgan Davis report.

    • 06 Jul 2017
  • China opens ratings market after Bond Connect launch

    Foreign credit rating agencies are finally welcome to operate in China without a local partner, the People's Bank of China confirmed this week. But although the change is likely to improve the transparency of the country's corporate bond market, experts have warned that it could pose risks to the wider economy.

    • 05 Jul 2017
  • China unveils settlement cycle choices ahead of Bond Connect

    Foreign institutional investors can settle their trades on a T+2 basis in China’s interbank bond market (CIBM), according to a June 29 announcement. The move will boost international investors’ confidence in accessing the Mainland fixed income market, according to participants.

    • 30 Jun 2017
  • Bond Connect quota debated as first trading platforms announced

    Details around the Bond Connect are still trickling in just a week from the expected July 3 launch, with some analysts raising the spectre of a last minute U-turn by PBoC on its decision not to have aggregate quotas over the scheme.

    • 27 Jun 2017

Regulation/policy news archive

GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 CITIC Securities 30.19
2 China CITIC Bank Corp 12.38
3 Bank of China (BOC) 11.61
4 Everbright Securities 10.84
5 China Merchants Bank Co 10.06

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 02-Aug-17 China Gas Holdings China 1,500
2 26-Jul-17 Hungary Hungary 1,000
3 24-Jul-17 China Resources Land China 5,000
4 21-Jul-17 Everbright Water China 1,000
5 21-Jul-17 Maybank Malaysia 1,000

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