We have thrown in a CNH section to the International Bond Weekly report. For a start, we have prepared a list of 2014 issued CNH bonds listed in HK and SGX and their approximate price levels from our estimation models. We hope readers will find this useful.

CHINA

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A positive week for China with strength in their latest PMI numbers which sustained equity markets, leading to talk of the central bank draining liquidity in a form of targeted bill sale to ICBC (Industrial and Commercial Bank of China) and CDB (China Development Bank) as a sign of capital inflows back onshore.

Bonds continue to rule as Chinese sovereign bonds posted their largest quarterly gains in 2 years end June. Going ahead, bonds are expected to hold their own as IPO fever grips China.

There is every reason to believe that the PBOC will continue to keep conditions favourable to their …