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Renminbi's rise will be slower than expected: HSBC

February 10, 2010  

From Pamela Tang

The renminbi should appreciate in the second quarter, but its rise could be slower than most what market observers expect. Beijing is unlikely to conduct a one-off currency gain.

China will appreciate the renminbi in the second quarter at a slower pace than many expect, says HSBC. The currency has been pegged at Rmb6.83 against the US dollar since mid-2008. HSBC forecasts that it will gain slightly to Rmb6.7...


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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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