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Banks issue 7b yuan of negotiable certificates of deposit
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FOUR Chinese commercial banks issued 7 billion yuan (US$1.1 billion) of negotiable certificates of deposit today, after financial regulators stepped up controls over activities between financial institutions last month.
The Bank of China, Mingsheng Banking Corp, China CITIC Bank, and Shanghai Pudong Development Bank separately issued negotiable certificates of deposit worth, respectively, 1 billion yuan, 2.5 billion yuan, 1.5 billion yuan, and 2 billion yuan in the interbank market.
Interbank negotiable certificates of deposit can be bought by and resold to members of the interbank market. It is a low-risk and low-interest investment instrument that cannot be cashed before maturity.
Analysts said the new tool introduced by the People’s Bank of China near the end of last year will be among the banks, especially after financial regulators announced new rules to rein in investment in non-standard assets.
Non-standard assets refer to debt-financing instruments not traded on either stock exchanges or the interbank market. They include trust loans, acceptance bills, letters of credit, accounts receivables and equity financing under repurchase agreements.
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