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Announcement:

Moody's: Inclusion of renminbi in IMF's Special Drawing Rights basket offers investor boost

 The document has been translated in other languages

01 Dec 2015

Hong Kong, December 01, 2015 -- Moody's Investors Service says that the inclusion of the renminbi in the International Monetary Fund's (IMF) Special Drawing Rights (SDR) basket will provide a confidence boost for global investors whose appetite for RMB-denominated assets has been dampened recently.

"The fact that the RMB is now included in the SDR basket is a recognition of China's commitment to reform its financial sector and liberalize its capital account, and will support market-oriented reforms," says Ivan Chung, a Moody's Associate Managing Director and Head of Greater China Credit Research and Analysis.

"We expect China will expedite reforms for both onshore and offshore bond investors and issuers," adds Chung.

Chung was speaking on the release of Moody's just-published "Renminbi Bonds Monitor", a quarterly report that provides an update on China's onshore and offshore RMB bond markets, and Moody's views on market trends on the Mainland.

In particular, Moody's expects increased issuance of Panda bonds and larger quotas for cross-border investment avenues such as the Qualified Domestic Institutional Investors and Qualified Foreign Institutional Investments programs.

The move comes as falling Chinese interest rates have led to many Chinese corporate issuers to switch to the onshore debt markets due to lower funding costs.

Foreign corporate and financial institutions continued their strong issuance momentum in offshore RMB bond market but, despite this, Q3 2015 recorded the lowest quarterly issuance since Q4 2011.

Meanwhile, investors in the onshore market continue to be undeterred by the default events and some issuers reporting difficulties repaying public bonds.

For the first ten months of 2015, public bonds issued in onshore market by corporates reached a record RMB4.5 trillion, exceeding the highest annual issuance.

This edition of Renminbi Bonds Monitor contains the following articles:

• Chinese Covenant Protection Against Onshore Bond Issuance Is Weak

• Chinese Renminbi's Inclusion in IMF Special Drawing Rights Basket Would Be Credit Positive

• Heard from the Market: New Issuance Framework a Step Forward

• Falling Land Sales to Weaken Chinese RLGs' Credit Profile

• Slower Growth and Rising Credit Risk Are Symptoms of Rebalancing

Subscribers can access the report at:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_186301

The report may also be found through this link to Moody's topic page, China — Reform and Rebalancing, a centralized source for Moody's research related to key credit issues in China as the country's rebalancing story unfolds.

Recent Moody's publications relating to China Reform and Rebalancing include:

• High-Yield Bond Covenants -- Chinese Property Developers: Covenant Protection Against Onshore Bond Issuance Is Weak

• Property -- China: Decline in Offshore Funding costs Is Credit Positive for Developers

• China Property Focus -- November 2015

• Country Statistics -- Government of China

• China's City Gas Operators Benefit from Lower Natural Gas Price

• National Oil Companies -- China: Natural Gas Price Adjustment Will Further Reduce NOC Profits

• Sub-Sovereign: Chinese Regional and Local Government Debt and Finances Snapshot

• Behind Moody's Ratings of Chinese State-Owned Enterprises (Presentation)

• China's Proposed Disclosure on Bank Liquidity Is Credit Positive

• Chinese Non-Financial Corporates: Revenue and Leverage Pressured by China's Slowing Economy (Presentation)

These reports are available at http://www.moodys.com/chinarebalancing.

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Ivan Chung
Associate Managing Director
Greater China Credit Research &
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Gary Lau
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's: Inclusion of renminbi in IMF's Special Drawing Rights basket offers investor boost
No Related Data.
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