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HSBC’s yuan bond nod
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CHINA has approved international commercial banks to issue yuan bonds for the first time.
The People’s Bank of China said that HSBC and the Bank of China (Hong Kong) have been approved to issue yuan bonds in the interbank bond market.
HSBC will issue bonds worth 1 billion yuan (US$157 million) and the BOC (Hong Kong) is allowed to issue 10 billion yuan, the PBOC said yesterday.
In 2005 and 2013, China allowed overseas non-financial institutions such as the International Finance Corp and the Asian Development Bank to issue yuan bonds respectively.
Allowing international commercial banks to do so has diversified the yuan bond issuers and expanded their yuan financing channels, and the move could also encourage cross-border use of the yuan, the PBOC said.
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