Deutsche Bank plans to slash its yuan borrowing costs by as much as 50 per cent selling bonds in Taiwan's newly opened Formosa bond market rather than dim sum debt in Hong Kong. Germany's largest lender has applied to Taiwan's central bank to sell as much as two billion yuan (HK$2.49 billion) of five-year notes and three-year bonds at yields lower than its dim sum bonds are offering in Hong Kong. Bloomberg
The mainland's services sector cooled last month after new business receded from eight-month highs, a private survey showed yesterday, in line with slower factory activity that suggests a modest rebound in the economy this year. The HSBC Services Purchasing Managers' Index fell to 52.1, still in the expansion zone over 50, from January's 54. Reuters
