Reuters: US Dollar Report: CNH Tracker-Dim sum market set for a booster shot

Reuters: US Dollar Report Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Creating iOS Games: Beginner Course Marin Todorov teaches you how to create an iPhone game easily and simply using Cocos2d in this $99 online course. From our sponsors

CNH Tracker-Dim sum market set for a booster shot Oct 24th 2013, 02:24 Tweet Share this Email Print Reprints Related Topics Stocks » Currencies » Bonds News » Bonds » Markets » Financials » Wed Oct 23, 2013 10:24pm EDT By Michelle Chen HONG KONG, Oct 24 (Reuters) - As China makes important strides to expand the yuan's footprint beyond Hong Kong, more favorable policies are expected to breathe fresh life into the moribund offshore yuan bond market in the former British colony. Of particular note is the primary market's new sales, which have come to a shuddering halt after the summer even as the $80 billion so-called "dim sum" debt market eked out steady gains for three straight months since July. That is in contrast to a flurry of Chinese names that made a beeline into the dollar bond market which has seen a rebound in activity as the U.S. Federal Reserve delayed its plans to start winding back its stimulus. Bankers believe a long-awaited new batch of quotas which allows Chinese issuers to sell dim sum bonds will be granted soon to activate the market. The total size may climb to 75 billion yuan ($12.33 billion), up 50 percent from the first batch. State-owned enterprises (SOEs) controlled by local governments are also likely to be permitted to issue yuan bonds in Hong Kong, in addition to those owned by China's central government. The world's second-largest economy is sparing no effort to promote the wider use of its currency as it aims to advance its status on par with the dollar. The yuan now ranks as the eighth most traded currency in the world, according to SWIFT. Beijing extended its prized offshore yuan investment scheme to Singapore and allowed direct currency trading between the yuan and Singapore dollar on Tuesday, following a similar package bestowed to London last week. "The Chinese government will implement soon, initiatives that will expand the dim sum bond pilot scheme, to enable more China-based issuers to issue dim sum bonds directly," says Ivan Chung, a Moody's senior credit officer.RECENT STORIES: CNH Tracker - As London aspires to larger yuan role, Hong Kong only cements its lead 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.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions