Friday, 19 July 2019

Renminbi Capital Markets 2013

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  • Chen Yanqing of China lifts 106kg in the women's 58kg Group A snatch weightlifting competition at the 2008 Olympic Game in Beijing on August 11.

    Renminbi Capital Markets 2013: On stronger footing

    Source: Reuters/Oleg Popov Chen Yanqing of China lifts 106kg in the women’s 58kg Group A snatch weig

  • A soldier peeks from behind a curtain ahead of an official welcoming ceremony for Egyptian President Mohamed Mursi at the Great Hall of the People in Beijing.

    Busy behind the scenes

    The internationalisation of China’s currency has gathered pace recently, but the mood in the overseas capital markets has been muted. As more barriers come down, both onshore and offshore investors will need to be ready for new opportunities.

  • China's Liu Xiang grabs the last hurdle in his lane after crashing and failing to finish his men's 110m hurdles Round 1 heat of the 2012 Olympic Games at the Olympic Stadium in London.

    Convertibility hurdles

    China’s State Council has called for a plan for the full convertibility of the renminbi, raising hopes that the currency may be about to take its rightful place on the international stage. Authorities, however, have so far been cautious about opening up the capital account.

  • Britain's Chancellor of the Exchequer, George Osborne (L), and former Chinese Vice Premier Wang Qishan speak at a news conference at the Foreign Office in London on September 8 2011.

    London calling

    The bulk of offshore renminbi liquidity is still concentrated in Hong Kong, but the UK has a strong hand to play in the contest to become a global trading hub.

  • An employee counts Chinese renminbi notes inside a bank in Taipei.

    Regional ambition

    The implementation of renminbi clearing in Taiwan promises to create a new trading hub and offshore capital market for the Chinese currency. Liquidity in the local market, however, remains shallow.

  • A foreign worker directs traffic along a busy construction site in Singapore.

    Slow progress

    Efforts to introduce renminbi-denominated shares in Hong Kong and Singapore have been on the backburner in recent months. However, market participants believe the foundations laid in the past six months will allow offshore renminbi stocks to take off in time.

  • A steaming bamboo tray of dumplings at a store in Shanghai.

    Back on the menu

    A rebound in offshore renminbi bond issues has signalled a rise in confidence among investors. Falling yields are again making the product more attractive versus onshore rates, but is the increased interest here to stay?

  • A visitor takes a picture in front of Two IFC, Hong Kong's highest commercial building, on a sunny day in the SAR’s business Central district.

    High hopes

    The CNH market is emerging as an alternative even to the booming US dollar high-yield bond market, with a flurry of new issues in April from China’s property sector.

  • A woman walks past a foreign exchange store displaying a sign that it accepts the exchange of the renminbi in Hong Kong.

    In search of borrowers

    Despite recent steps to improve offshore liquidity and create a formal base rate for interbank lending, few borrowers are interested in borrowing in an appreciating currency.