The Paris branch of Bank of China sold its debut renminbi-denominated bond for Rmb2 billion $328 million this week, furthering China’s push to globalize its currency and pouncing on favorable investor sentiment following upbeat economic data.
Bank of China’s bond came hard on the heels of China's PMI, which hit a six-month high, softer CPI inflation, as well as improved PPI data. Also there was no competing supply of renminbi bonds in the market.
The transaction had two- and five-year tenors with initial price guidance of 3.6% and 4% respectively on Monday afternoon Hong Kong time. The books stayed open for...
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