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The scale of the offshore renminbi (CNH) market is still limited at the moment, with offshore renminbi deposits (around ¥1.5 trillion, of which 70% are in Hong Kong) only about 1% of that onshore (around ¥100 trillion), which is much lower than the ratio of 30% of offshore versus onshore US dollar deposits.
In 2017 this part of the bond market doubled to $214 billion as tighter domestic regulations and market conditions saw Chinese companies look offshore to raise capital. This far outpaced the other major foreign currency bonds issued in Asia. Chinese issuance of dollar bonds make up nearly 70% of corporate dollar bonds in Asia (excluding Japan). [1]
For most of its early history, the renminbi was pegged to the U.S. dollar at ¥2.46 per USD. During the 1970s it was revalued, until it reached ¥1.50 per USD in 1980. Its value gradually declined as China embarked on a new economic course during Deng Xiaoping's leadership and transformed into a more market-based capitalistic economy. [6] [7]
Exxon is said to be working with advisers on the potential sale which could raise about $2 billion to $3 billion, the report https://bloom.bg/33lwolX added, citing people familiar with the matter.
China is gradually reducing its holding of US dollar reserve, down to 25% [failed verification] in 2023 from 59% of its total foreign-exchange in 2016. [ 11 ] [ 12 ] However, China also holds US bonds in custody accounts in Belgium (at Euroclear ) and Luxembourg (at Clearstream ) and it has a large portfolio of US Agencies ( mortgage-backed ...
The offshore drilling business has had its ups and downs as it returns to a more normal state nearly two years after the Gulf of Mexico oil spill. Some rig owners such as Transocean (NYS: RIG ...
The 2015–2016 stock market selloff was the period of decline in the value of stock prices globally that occurred between June 2015 to June 2016. It included the 2015–2016 Chinese stock market turbulence, in which the SSE Composite Index fell 43% in just over two months between June 2015 and August 2015, [1] [2] which culminated in the devaluation of the yuan.
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