It was a momentous 2015 for the ren-minbi, as China continued its efforts to internationalise the currency. The gradual liberalisation of Chinese debt capital markets (DCM) has been an integral part of the process, and HSBC - which says no other (non-Chinese) bank has its renminbi focus -has generally been where the action is. That said, the bond market is only now returning to room temperature after a period in the chill cabinet. After Chinese equities took off like a heat-seeking missile in mid-2014, bonds fell out of favour with issuers. When the equity markets subsequently crashed to earth, then stabilised in mid-2015, it looked as if bond issuance would resume, but then the authorities devalued the renminbi.
展开▼
