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Limited demand for ‘dim sum’ bond funds – for now

The prices of 'dim sum' bond funds, which took a battering in the last few months of 2011, recovered slightly in January: this was thanks to improving investor sentiment in relation to offshore renminbi (CNH). However, we think that expectations of slower CNH appreciation could suppress investor appetite for these products in the near term.

  • 03 Feb 2012

Renminbi deposits in Hong Kong fall, more CNH liquidity needed

A sharp contraction in renminbi deposits in Hong Kong suggests that liquidity in the offshore renminbi (CNH) market is likely to remain tight this year, even despite recent moves by the Hong Kong Monetary Authority (HKMA) to reverse the tightening in conditions.

  • 31 Jan 2012

Beijing moves to reverse outflow of renminbi

Two separate official announcements – January 14 and January 16 – highlight how policy makers are keen to stem the outflow of renminbi (and promote other objectives). The latest proposals focus on expanding the Qualified Foreign Institutional Investor (QFII) and Renminbi Qualified Foreign Institutional Investor (RQFII) regimes.

  • 18 Jan 2012

China Development Bank's latest 'dim sum' bond points to higher funding costs

Refinancing pressures and fears of tighter liquidity in the offshore 'dim sum' bond market are already pushing up funding costs for even state-owned and well-rated issuers. The latest example is policy bank China Development Bank (CDB), which recently priced the first 15-year, Rmb1.5bn ($237m, £154m, €186m) 'dim sum' bond in Hong Kong.

  • 17 Jan 2012

Beijing takes on the bears – again

What happened? All Shenyin & Wanguo (SW) sector indices rose strongly in the week to Friday January 13. This followed the publication of Premier Wen Jiabao’s remarks at the Central Financial Work Conference on January 6-7. The Premier's comments gave the latest clearest indication yet that officialdom considers that the bear market in A shares has gone on long enough – and should end.

  • 16 Jan 2012

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About Us

The world is tilting eastward. Funds are flowing to Asia, and to China in particular. But thus far the lion's share of investor exposure to the rise of China is gained through a limited number of mainland companies listed in Hong Kong. Shanghai remains peripheral - for now.


At FT China Confidential, a team of researchers on China at the Financial Times, we think that a lot is about to change. Not only is the recent rebound in Shanghai stocks boosting investor interest but the growing sophistication of the domestic Chinese funds industry is also highlighting the opportunities that exist in one of the world's fastest-growing stockmarkets. In addition, Chinese money is surging overseas - and searching for the best managers in New York, London, Hong Kong, Singapore, Dubai, Sao Paulo and elsewhere as it does so.


China Confidential Funds, a new research service launched by FT China Confidential in October, is dedicated to illuminating the mainland fund industry. Our team of fund industry experts in Shanghai search out the interesting trends in fund performance, strategy, interactions with overseas funds, regulatory changes, distribution and management. We also use a proprietary system to track the emerging flows of Chinese money.

China Confidential

China Confidential is an integrated research service from the Financial Times that provides premium, exclusive analysis and predictions on China investment themes. Using a dedicated FT team of specialists in China and the UK, it taps Chinese sources from the grassroots to the political elite to forecast key trends and issues. It conducts proprietary research to supply its own insights into industry trends and consumer sentiment. By filtering the work of the best Chinese analysts and academics, it keeps you current on key debates as they unfold inside mainland China. Its broad aim is to help the professional investor navigate through the Chinese investment landscape.