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Dim Sum Bonds: The Offshore Renminbi (Rmb) - Denominated Bonds
Hung - Gay Fung, Glenn Chi - Wo Ko, Jot Yau
Synopsis "Dim Sum Bonds: The Offshore Renminbi (Rmb) - Denominated Bonds"
The Significance And Growth Of The Offshore Rmb Bond (Dim Sum Bond) Market Warrants Attention From Investors, Issuers, And Underwriters As Well As Government Regulators And Policymakers Cannot Be Denied. Dim Sum Bonds Provides A Detailed And Informative Read For Those Participating And Investing In The Offshore Chinese Currency Denominated Bond Market That Plays A Pivotal Role In Chinas Internationalization Of Rmb. Dim Sum Bonds Presents The Market From The Perspective Of Four Major Players In The Market: China, Issuers, Investors, And Underwriters. From Chinas Perspective, The Development Of The Dim Sum Bond Market Is A National Policy And Part Of A Multipronged Strategy In Internationalizing Rmb, Controlling Capital Flows To China So As To Harness The Inflation In Mainland China, As Well As Developing Rmb Offshore Markets As A Means To Tappingforeign Capital. From The Issuers Perspective, Corporations Consider Issuing Dim Sum Bonds In Hong Kong Because Issuers Can Borrow At Dim Sum Bond Markets At A Lower Rate Than Offshore Usd Bonds. From The Investors Perspective, Despite Low Yields, Dim Sum Bonds Provide Foreign Investors Exposure To The Renminbi, Which Is Expected To Appreciate Against The U. S. Dollar As Long As China Has A Trade Surplus With The U. S. Moreover, For Companies That Have Operations In Mainland China, Dim Sum Bonds Provide A Means To Hedging The Currency Exposure Of Operating Costs Which Are Primarily In Renminbi. From The Underwriters Perspective, The Authors Discuss The Underwriting Process And Motivations For Participating In This Market. To Present These Four Perspectives, Dim Sum Bonds Has Separate Chapters On The Market Development Of The Dim Sum Bond Market And Its Role In Chinas Rmb Internationalization Policy, Characteristics Of Dim Sum Bonds And Its Market, Investors Investment Objectives And The Investment Performance Of Dim Sum Bonds, Motivations Of Issuers, And The Underwriters Role In The Dim Sum Bond Market. Landmark Issues. . . . Chinese Banks (China Development Bank).. . Infrastructure), Red - Chip Companies (Sinotruk)Andmultinational Corporations Doing Business In China (Mcdonalds) Are Discussed In Detail
