Foreign firms may issue bonds on bourse
By Hu Xiaocen |
May 10, 2012, Thursday
|
Print Edition
Print Edition
THE China Securities Regulatory Commission and the Shanghai Stock Exchange are considering allowing foreign companies to issue yuan-denominated bonds that will trade on the Shanghai bourse.
But there's no timetable for a final decision on the proposal, Reuters reported yesterday.
"It is one of the moves on Guo Shuqing's schedule after he became chairman of CSRC," a source at a brokerage told Shanghai Daily yesterday. "He promotes deregulation and innovation, which leverages the brokerages to challenge the dominant position of the banks in the financial market."
The source added that if the bond plan is implemented soon, "the launch of the international board at the Shanghai exchange will be further held back."
The board aims to allow foreign companies to list shares in Shanghai, an essential step in the city's ambition to become an international financial hub by 2020.
A second source in Shanghai said regulators are also studying plans to allow some foreign companies, especially financial institutions, to issue bonds on the interbank debt market.
Shanghai's 2011-2015 development plan hopes to attract foreign enterprises to issue stocks and bonds on the local stock exchange as well as medium-term bills on the interbank market.
"Compared with stocks, bonds are usually considered as lower risk," the second source said. "Seeing the success of Dim Sum bonds in Hong Kong, Shanghai officials really want to push forward the yuan debt market to foreign issuers."
But there's no timetable for a final decision on the proposal, Reuters reported yesterday.
"It is one of the moves on Guo Shuqing's schedule after he became chairman of CSRC," a source at a brokerage told Shanghai Daily yesterday. "He promotes deregulation and innovation, which leverages the brokerages to challenge the dominant position of the banks in the financial market."
The source added that if the bond plan is implemented soon, "the launch of the international board at the Shanghai exchange will be further held back."
The board aims to allow foreign companies to list shares in Shanghai, an essential step in the city's ambition to become an international financial hub by 2020.
A second source in Shanghai said regulators are also studying plans to allow some foreign companies, especially financial institutions, to issue bonds on the interbank debt market.
Shanghai's 2011-2015 development plan hopes to attract foreign enterprises to issue stocks and bonds on the local stock exchange as well as medium-term bills on the interbank market.
"Compared with stocks, bonds are usually considered as lower risk," the second source said. "Seeing the success of Dim Sum bonds in Hong Kong, Shanghai officials really want to push forward the yuan debt market to foreign issuers."
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