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BEA seeks yuan bonds, share sale
By Zhang Fengming |
May 16, 2009, Saturday
|
Print Edition
Print Edition
THE Bank of East Asia is strongly interested in issuing yuan-backed loans and selling shares on the Shanghai Stock Exchange, a senior banker said yesterday.
"The bank is awaiting the rules and regulations to further clarify the application procedures and related issues," Chan Kay-cheung, vice chairman of BEA China, told Shanghai Daily yesterday on the sidelines of the Lujiazui Forum 2009.
The bank has already contacted the People's Bank of China, the central bank, on the matter and is poised to be among the first batch of lenders to start the trial, he said.
The State Council, or Cabinet, earlier this year issued rules to propel Shanghai's growth as a financial hub by 2020, including more trial programs such as letting overseas banks sell yuan bonds.
The Shanghai government earlier this week issued rules including allowing overseas banks to be locally incorporated in the city in order to sell yuan bonds, supporting the central government rules.
The Hong Kong-based bank is among the first group of four overseas banks, including HSBC, Citi, and Standard Chartered, to set up local incorporation on the Chinese mainland, a legal status allowing overseas lenders to fully launch retail yuan services on the mainland.
The issuance of yuan debt can help them boost their capital and support their expansion, sources said.
"The bank is awaiting the rules and regulations to further clarify the application procedures and related issues," Chan Kay-cheung, vice chairman of BEA China, told Shanghai Daily yesterday on the sidelines of the Lujiazui Forum 2009.
The bank has already contacted the People's Bank of China, the central bank, on the matter and is poised to be among the first batch of lenders to start the trial, he said.
The State Council, or Cabinet, earlier this year issued rules to propel Shanghai's growth as a financial hub by 2020, including more trial programs such as letting overseas banks sell yuan bonds.
The Shanghai government earlier this week issued rules including allowing overseas banks to be locally incorporated in the city in order to sell yuan bonds, supporting the central government rules.
The Hong Kong-based bank is among the first group of four overseas banks, including HSBC, Citi, and Standard Chartered, to set up local incorporation on the Chinese mainland, a legal status allowing overseas lenders to fully launch retail yuan services on the mainland.
The issuance of yuan debt can help them boost their capital and support their expansion, sources said.
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