Taiwan
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Taiwan's stature as an offshore renminbi hub is being given a lift from expectations of the currency's further depreciation against the dollar. A flurry of deals came in the last month, with a particular surge in the last week.
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Electronic components distributor World Peace Group has picked a quartet of banks to lead its latest borrowing of NT$6bn ($195m).
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In this round-up, Singapore's RMB business continues to grow, China RMB cross border trade settlement jumped 25% in June, Taiwan's RMB deposits inch up in June, the Stock Connect's northbound quota is replenished by the A-share sell-off in July, and Malaysia settled 1.9% of its trade with China in RMB in the first month of launching a clearing bank.
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Mizuho has emerged as a frontrunner for National Thermal Power Corp’s $100m loan. The company mandated the Japanese bank for its previous fundraising.
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In this round-up, Singapore deposits fell in the first quarter this year, Taiwan RMB deposits rose to a new record, Bank of China joined the new gold benchmark, and the first overseas inverse ETF shorting A-shares entered the market.
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China Development Bank (CDB) is planning to bring its debut Formosa bond in the third quarter of 2015, in a deal that could help transform Taiwan's RMB market by injecting longer tenors and exposure to an onshore China bank credit.
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As the first overseas renminbi hub outside Hong Kong, there were high hopes for Taiwan when it got its official RMB clearing bank in December 2012. But although its local RMB market has gained ground through its RMB deposit base and the expansion of the Formosa bond sector, Taiwan is falling behind as attention spreads to the emerging hubs elsewhere. More regulatory hurdles need to be removed for RMB internationalisation to take off in 2015.
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In this round-up: PBoC issues RQDII programme rules, RMB is used for more than 10% of China payments in 50 countries, 30 central banks hold RMB in their currency reserves, and Hong Kong renews its RMB swap agreement with China.