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Method of renminbi appreciation divides panelists

February 03, 2010  

From Pamela Tang

Participants at the Euromoney Asia Forex Forum debated the pros and cons of one-off revaluation against gradual appreciation. While the latter ends near-term speculative inflows, the former offers a longer-term approach.

Beijing is widely tipped to re-start appreciation of the renminbi this year, yet industry figures remain divided on the country’s best approach.

At a discussion entitled “Evaluating the Growing Significance of China in the Global Forex Markets” at the...


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OFFSHORE RENMINBI DCM

Rank Bookrunner Value ($m) No. %Share
1 HSBC 2,717 31 19.6
2 Standard Chartered Bank 1,889 26 13.6
3 Bank of China Ltd 1,561 17 11.2
4 Deutsche Bank 893 13 6.4
5 Industrial & Commercial Bank of China - ICBC 827 12 6.0
6 Agricultural Bank of China Ltd 607 7 4.4
7 Goldman Sachs 570 8 4.1
8 Citi 569 8 4.1
9 China International Capital Corp Ltd 461 5 3.3
10 DBS 442 9 3.2
Subtotal 10,534 72 75.9
Total 13,886 81 100.0

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