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More banks to issue certificate of deposits
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CHINA will allow a total 102 banks to issue large-sum certificates of deposit, up from nine banks currently, said an industry association today.
Ten more national banks, 43 urban commercial banks and other 37 rural cooperative banks are allowed to issue CDs, including China Guangfa Bank, China Everbright Bank and China Minsheng Bank.
Three foreign banks includes HSBC Bank and Fubon Bank (China) also shown on the list.
The expansion is aimed at letting more banks participate in the pricing of China's financial products and promoting the country's interest rate reforms, the association, named as the Market Interest Pricing Self-Discipline Mechanisms, said in an announcement released to China Foreign Exchange Trade System today.
"Large-sum CDs will become the major tool of commercial banks' initiative debt to enhance the liquidity in the future, "said Li Qilin, analyst with Fixed Income Department at Minsheng Securities Co.
"The expansion means a further step of interest rate liberalization and we will see the removing the cap of deposit rates as the last move." Li added.
Previous nine Chinese banks, including the "Big Four" state lenders, became China's first batch of banks approved to issue large-scale certificates of deposit on June 15, an earlier official statement said.
Most of the CDs in the first batch had terms of one year or shorter. The subscription threshold for an individual is 300,000 yuan ($48,314), while the minimum for an institution is 10 million yuan.
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