The Chinese shipbuilder becomes the first company to have its shares trade in renminbi in Singapore, making use of the exchange’s dual-currency platform.
The decoupling of offshore RMB (CNH) from its onshore counterpart (CNY) as Beijing keeps its capital account closed is creating conditions for CNH to become a currency in its own right.
Conglomerate Legend Holdings raises $293 million through a seven-year renminbi-denominated bond, while a challenging market environment prompts the PBOC to cut rates again.