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Time right to launch international board: city official
By Lydia Chen |
September 15, 2011, Thursday
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Online Edition
Online Edition
THE global situation is now perfect for Shanghai to launch its much-anticipated international board while the city will also encourage more foreign firms to sell yuan-denominated bonds, the city government said today.
The international board, previously expected to be launched sometime this year, will be a good financing platform for foreign firms that are struggling to find capital amid financial difficulties especially in eurozone countries, Fang Xinghai, head of Shanghai's financial services office, told a press conference this afternoon.
"These foreign firms can use the money they raise from the international board in either their home country business or the Chinese mainland market," Fang said. "Either way, this opens a very good door for them," he added.
For China, as the world's second largest economy, the launch of the foreign board will also help the country establish a new role in the global financial market, Fang noted.
Shanghai has been seeking to attract multinational companies to the international board, a key step along the road of building itself into a global financial center on par with London and New York by 2020.
Firms such as HSBC, Coca-Cola, General Electric Co, Unilever Plc and Volkswagen AG have all expressed interest in the new board.
China's possible purchase of foreign government bonds amid a debt crisis in Europe isn't a "good choice" right now, according to the head of Shanghai's financial services office.
"It's not a good time to buy government debt at the moment because those countries are very likely to continue their loose monetary policies," Fang said.
"Loose monetary polices could lead to a depreciating currency and rising inflation," Fang added.
The international board, previously expected to be launched sometime this year, will be a good financing platform for foreign firms that are struggling to find capital amid financial difficulties especially in eurozone countries, Fang Xinghai, head of Shanghai's financial services office, told a press conference this afternoon.
"These foreign firms can use the money they raise from the international board in either their home country business or the Chinese mainland market," Fang said. "Either way, this opens a very good door for them," he added.
For China, as the world's second largest economy, the launch of the foreign board will also help the country establish a new role in the global financial market, Fang noted.
Shanghai has been seeking to attract multinational companies to the international board, a key step along the road of building itself into a global financial center on par with London and New York by 2020.
Firms such as HSBC, Coca-Cola, General Electric Co, Unilever Plc and Volkswagen AG have all expressed interest in the new board.
China's possible purchase of foreign government bonds amid a debt crisis in Europe isn't a "good choice" right now, according to the head of Shanghai's financial services office.
"It's not a good time to buy government debt at the moment because those countries are very likely to continue their loose monetary policies," Fang said.
"Loose monetary polices could lead to a depreciating currency and rising inflation," Fang added.
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