New issuances of offshore yuan-denominated bonds, including certificates of deposit, may exceed 500 billion yuan (US$81.6 billion) next year, well above the estimated 37 billion yuan for this year, Standard Chartered Plc. (02888.HK) said Thursday. Funding demand will be strong because a total of 300 billion yuan of the so-called dim sum bonds is due to mature next year, putting huge refinancing pressure on issuers, Greater China rates strategist Becky Liu said in Hong Kong. The lender said China’s currency, also known as the renminbi, is expected to rise to 6.03 per U.S. dollar at end-2014, from its Thursday close of 6.09 on Shanghai’s spot market.
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