China Development Bank announced on Monday that it had received
approval from the central bank and would become the first mainland
bank to offer RMB bonds in Hong Kong.
The bank did not reveal the amount of bonds to be issued or the
date of issue.
The Import and Export Bank of China, Bank of China and China
Construction Bank have also said earlier?that they are mulling
over similar plans in Hong Kong.
The announcement came after regulations issued
Friday?allowed commercial banks to issue renminbi bonds in
Hong Kong. All financial institutions wishing to do so may submit
applications to the central bank, which will be subject to review
by the National Development and Reform Commission.
A central bank official announced that renminbi bonds would
increase Hong Kong residents' renminbi investment choices and
broaden RMB business in the SAR.
By the end of April, 38 Hong Kong banks had already opened
renminbi businesses with total deposits reaching 25.5 billion
yuan.
(Xinhua News Agency June 12, 2007)