The offshore renminbi bond market stayed open last week as buyers shrugged off an unexpected plunge in the renminbi and a shift in swap rates opened up an arbitrage opportunity for investors. The currency dropped almost 1.3% between February 19 and 26, its sharpest weekly move against the US dollar since September 2011.
The expectation of another slew of overseas bond sales from China is shifting the balance of power back towards investors, allowing fund managers to push for higher yields and better terms on Chinese debt.
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