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Renminbi reform hastened by offshore FX pilot scheme

August 31, 2010  

From Daniel Flatt

A pilot programme by the State Administration of Foreign Exchange to let Chinese companies keep FX proceeds offshore could be another step towards liberalisation of the renminbi, and mark an attempt to reduce appreciation pressure on the currency.

Beijing’s decision to allow a number of local exporters to park their US dollar income offshore is being viewed as another step towards making the yuan renminbi an international currency.

The State Administration of Foreign Exchange (SAFE) announced in...


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 SYNDICATED LOANS

Rank Bookrunner Value ($m) No. %Share
1 Industrial & Commercial Bank of China - ICBC 1,160 1 16.4
1 Bank of Communications Co Ltd 1,160 1 16.4
3 State Bank of India 964 3 13.6
4 Land Bank of Taiwan 400 7 5.6
5 Maybank Investment Bank Bhd 332 1 4.7
6 AXIS Bank 236 2 3.3
7 IDBI Bank Ltd 124 1 1.8
8 HSBC 92 2 1.3
9 BNP Paribas 92 1 1.3
10 First Commercial Bank Co Ltd 65 4 0.9
Subtotal 4,623 18 65.2
Total 7,090 32 100.0


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