Offshore renminbi bond market to take off in 2012


One of the biggest success stories of the past 12 months has been the growth of the offshore renminbi (CNH) bond market, as investors sought to gain exposure to a sharp appreciation of the Chinese yuan. The enthusiasm for the notes – dubbed dim sum bonds – accompanied a surge of new issuance, with some CNH113 billion (US$17.9 billion) in supply hitting the market in 2011, up from CNH36 billion the previous year.

With funding rates as low as 1%–2%, demand was easily matched by issuers ranging

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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