Chinese banks get ready for dim sum blitz

Chinese banks are racing against each other to borrow offshore renminbi through their onshore entities.

China’s top lenders are awaiting approval to issue a swath of dim sum bonds after the summer break and are close to formalising mandates, according to banking sources. The flood of issuance likely to be issued through the mainland entities of Chinese banks is expected after the Ministry of Finance auctions its dim sum bonds in August.

Agricultural Bank of China ABC is said to be close to formally announcing a mandate. At least two...

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