Banks urged to seek funds tap
Print Edition
CHINA’S central bank is encouraging more banks to issue credit asset securitization products, and two lenders may have been approved to issue nearly 11.2 billion yuan (US$1.8 million) worth of the products.
Shanghai-based Bank of Communications and Beijing-based China CITIC Bank may soon issue 5 billion yuan and 6.19 billion yuan credit asset-backed securities respectively at the Shanghai Stock Exchange after they were said to have got regulatory approval recently from the People’s Bank of China, Caixin Online said yesterday, citing unnamed sources.
BoCom declined to confirm the news while CITIC Bank told Shanghai Daily that regulatory approval for its issue is still being processed.
The government is promoting credit asset securitization to banks to boost liquidity by selling securities that are backed by credit assets with poor liquidity and predictable income.
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