Reuters: US Dollar Report: CNH Tracker-Dim sum bond rivalry could hurt market evolution

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CNH Tracker-Dim sum bond rivalry could hurt market evolution Jun 6th 2013, 08:11 Tweet Share this Email Print Related Topics Stocks » Currencies » Bonds News » Bonds » Markets » Mutual Fund Center » ETFs News » Thu Jun 6, 2013 4:11am EDT By Saikat Chatterjee and Nethelie Wong HONG KONG, June 6 (Reuters) - Dim sum bond issuance has grown geographically, with foreign banks selling the first offshore yuan debt in Singapore and Taiwan, following the path Hong Kong blazed. Now the question is whether potentially fierce rivalry in Asia will make the market deeper and broader, or impede its development. In the first dim sum bond issuance since yuan-clearing became available in Singapore, British banks HSBC and Standard Chartered on May 27 had separate sales placing a total 1.5 billion yuan ($245 million) of bonds. In Taiwan, Deutsche Bank raised 1.1 billion yuan on Wednesday from the first renminbi bond done on the island by an international lender. These bonds shared one characteristic - they were sold at yields below traded debt of similar maturities available in the Hong Kong market.The yuan's persistent strength against the resurgent U.S. dollar in recent weeks has left it overvalued against a basket of currencies tracked by the Bank of International Settlements. Currency traders expects the Chinese currency to start weakening from these levels. RECENT STORIES: Deutsche Bank sells yuan bond in Taiwan -sources CNH Tracker-Pilot quota system gathers traction More stories about the CNH market Daily onshore yuan reports Daily China money market reports Offshore yuan rate Onshore yuan rate Offshore yuan dealt Onshore yuan on CFETS THOMSON REUTERS SPEED GUIDES Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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