People’s Bank of China (PBOC)
HKMA’s renminbi repo plans boost hopes for onshore access
Market participants optimistic that new provisions for offshore repos of onshore bonds is first step towards mainland access
Dealers bruised by surprise renminbi vol surge
Rush to re-hedge USD/CNH exotics left banks in grip of painful short gamma squeeze
Non-deliverable CNY swaps defy doubters
Swap Connect’s launch has helped rather than hindered the instrument, say dealers
Softer FX rules for China QFIs set to boost CNY competition
Freedom to circumvent local custodians a plus for pricing and best execution – State Street
RMB vol returns as hedge funds take barrier trade profits
Unwinds of exotic positions saw vol jump 72% after surprise PBoC move last week
Deposit insurance could transform outlook for China TLAC
Issuance needs drop dramatically if regulators allow maximum inclusion of deposit insurance fund
Market seeks details of PBoC plan to open onshore repo trading
Traders welcome the move but want clarity on legal and collateral issues
Blow-out on ‘dim sum’ bonds fuels boom in offshore rates options
Swaptions on USD/CNH swaps enjoy boost as investors adopt ‘all-you-can-eat’ approach to callables
Offshore CGB futures relaunch likely to be delayed till Q1 2024
Dealers say HKEX is deferring products while it seeks approval from mainland Chinese regulators
Chinese banks expected to launch TLAC market onshore
Estimated issuance needs of $510 billion are heavy, but thought to be manageable
Swap Connect growth hampered by unwinding issues
Users’ inability to trade bespoke swaps to unwind positions deters foreign investors
PBoC eyes further opening of onshore repo for foreign investors
Chinese central bank gives first official signal it is looking at Swap Connect-style scheme for repo
DisConnect: no deluge of demand for onshore CNY swaps – yet
Despite modest uptake, new onshore swaps on China’s Swap Connect could outdo non-deliverable IRSs, say dealers
Chinese corporates step up FX hedging after reopening
Exporters eye hedges as RMB strengthens, but negative forward points are a turn-off for some
StanChart is first non-Chinese bank to trade onshore CGB futures
China selects UK bank in first step to opening up its government bond futures market
PBoC releases draft rules for Swap Connect
Foreign access to onshore CNY swaps limited to interbank bond market users, while Isda docs aren’t ruled out
FSB: third of climate stress tests not tackling physical risk
Six jurisdictions conducted exercises only for transition risk
PBoC deposit requirement hits FX hedging, again
Reinstated rule hikes forwards costs and dents volumes, but volatility sees corporate demand persist
Dealers predict Swap Connect will boost China’s swaps market
Banks expect strong interest from clients wishing to trade instruments onshore via new access scheme
Corporates boost FX hedges as US dollar surges
Banks see more business, but also rising exposures, from corporates’ FX decision-making
China hints at broader scope with netting law name change
Central bank reportedly behind name change as derivatives rise up political agenda