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A key gauge of economic vigour could reflect ‘a weaker willingness among the private sector to invest, and a similarly depressed housing market’, and it’s not making Beijing’s stability plans any easier. ....
The Hainan provincial government issued its first offshore renminbi bonds in Hong Kong on Thursday, signaling Hong Kong as the preferred platform for the mainland's provincial and municipal governments to issue renminbi debt products. ....
MIL-OSI China: Hong Kong preferred platform for offshore renminbi bonds foreignaffairs.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foreignaffairs.co.nz Daily Mail and Mail on Sunday newspapers.
The People s Bank of China, the central bank, has urged commercial banks to abandon the London Interbank Offered Rate for dollar-denominated loans having a floating-rate benchmark.
The PBOC has also asked the banks to complete the Libor transition as and when financial regulators in the United Kingdom abandon the benchmark. It has also allowed banks to shift from Libor into the Secured Overnight Refinancing Rate, or Sofr, a rate based on repo market transactions recommended by the Alternative Reference Rates Committee, a public-private body in the United States.
Libor is the most widely used benchmark that emerged in the late 1960s to support the burgeoning syndicated loan market. It is formed by collecting interbank offered rate quotes from a panel of banks, which reflects the pricing level at which banks could borrow funds from each other. ....
The People's Bank of China, the central bank, has urged commercial banks to abandon the London Interbank Offered Rate for dollar-denominated loans having a floating-rate benchmark. ....