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Announcement:

Moody's: Opening of China's onshore and offshore bond markets propels cross-market activities

 The document has been translated in other languages

21 Nov 2017

Hong Kong, November 21, 2017 -- Moody's Investors Service says that the launch of the Bond Connect program in July 2017 and simplification of cross-market bond issuance procedures is the primary reason for increasing investments by international investors in China's onshore bond market and also offshore USD issuance by Chinese issuers this year.

"These increasing cross-market activities have also accelerated the rapidly diminishing role of the offshore RMB bond market in connecting onshore and offshore market participants," says Ivan Chung, a Moody's Associate Managing Director.

"In the first nine months of 2017, new issuance in the offshore RMB bond market continued its declining trend, falling to RMB27 billion, which is only 21% of the annual issuance for 2016, thereby reducing supply of offshore RMB bonds to international investors," says Chung.

"On the other hand, according to China Central Depositary and Clearing Company, in the first three quarters of 2017, foreign investors' holdings of onshore RMB bonds increased by RMB117 billion to almost RMB900 billion," says Chung.

Moody's conclusions are contained in its just-released "Renminbi Bonds Monitor" which looks at the latest developments in the renminbi bond market, as well as in the Chinese economy more generally.

While exchange rate volatility will affect cross-market investment and issuance in the short term, we believe growth for these activities is solid. Given China's policy objectives to internationalize its capital market and currency, easing access to the onshore and offshore markets is unlikely to reverse.

This means international investors will continue to increase their holdings in RMB-denominated bonds because the bonds only account for a small share of global investment portfolios and sovereign reserves.

At the same time, Chinese issuers will gradually turn the offshore USD bond market from an alternative funding channel to a regular channel as they pursue diversification of funding channels, penetrate into international businesses and investments, and participate in "Belt and Road" projects.

Other articles in this latest edition of the Renminbi Bonds Monitor include these previously published articles:

China Credit: Party Congress policy agenda is generally credit positive; challenges remain

China Property Focus: Tight regulation continues to slow sales growth

Cross-Sector: Public-private partnerships are making steady progress in China

Property - China : Most rated developers have capacity to manage higher bond refinancing risk in 2018

NPL Securitization - China : Chinese NPL deals show solid performance, but short history clouds future

Cross-Sector - China: Reduced Credit Intensity of Growth Key to Achieving Policy Objectives

Subscribers can read the full report at

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1099643

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
Corporate Finance Group
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
Client Service: 852 3551 3077

Gary Lau
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 852 3758 1350
Client Service: 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
Client Service: 852 3551 3077

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