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Shifting hotspots

This month, we are changing the descriptors for four asset classes. After another dismal month for investors in bonds and (especially) bond funds, we see that asset class as neutral: previously, the massive scale of flows had caused us to assess it as being hot. Gold and property are also asset classes that are now neutral, having been hot on the basis of developments through October. By contrast, improved returns and surging issuance of collective trusts means that we now see them as being a hot asset class. Previously, the assessment had been neutral. 

16 December 2013

Onwards and upwards – renminbi and the trade surplus

Rising from $31.1bn in October to $33.8bn in November, China’s trade surplus is at the highest level since January 2009. This is in spite of the recent strength in renminbi, which appears likely to continue in the short term. Indeed, a factor that has been a major contributor to the rise in the surplus has been the slow growth of imports.

09 December 2013

Dim sum bonds: more servings on the way

The strength of renminbi in the recent past is clearly expected to continue. Offshore renminbi (CNH) deposits in Hong Kong have been surging. This is at a time when the Hong Kong Monetary Authority (HKMA) has raised concerns over rapid growth in lending by the banks. It is highly likely that at least some of the increased deposits will find their way to CNH-denominated dim sum bonds.

02 December 2013

CNH: from Hong Kong to Vancouver

A landmark issue by the government of British Columbia signals an improvement in the fortunes of the dim sum bond market in Hong Kong.

08 November 2013

Gaining new heights: CNH deposits in Hong Kong

The quantity of offshore renminbi (CNH) deposits in Hong Kong has risen to new highs. This is partly due to easier liquidity conditions in mainland China and partly due to the general strength of renminbi.

04 November 2013


An integrated research service from the Financial Times that provides premium, exclusive analysis and predictions on China investment themes.

Using a dedicated FT team of specialists in China and the UK, it taps Chinese sources from the grassroots to the political elite to forecast key trends and issues. It conducts proprietary research to supply its own insights into industry trends and consumer sentiment. By filtering the work of the best Chinese analysts and academics, it keeps you current on key debates as they unfold inside mainland China. Its broad aim is to help the professional investor navigate through the Chinese investment landscape.


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