Politicians and central bankers throughout the world daily opine or whine about the uncompetitive value of China’s currency. But, barely a month goes by without an initiative in the offshore renminbi markets that portends its increasing role as an international means of exchange.
Yesterday, the Asian Development Bank ADB priced its first global bond denominated in renminbi. The issue, launched in Hong Kong, carries a 10-year bullet maturity and might well provide a critical long-term pricing reference for other borrowers.
“This bond will act as a useful benchmark for other potential borrowers, helping to develop the offshore renminbi bond market into an important source of funding for borrowers as well as an investment...
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