More firms signal debt market’s opening
Print Edition
China’s central bank has signaled a further opening of the country’s fast growing debt market by allowing more participation in the onshore interbank bond market.
The subsidiaries of China’s top lender, the Industrial and Commercial Bank of China, in Indonesia, London, Kazahkstan, Canada, the Middle East and Moscow as well as its Singapore branch have received the regulatory approval to provide bond services on China’s mainland, the China Foreign Exchange Trade System under the PBOC said in a statement yesterday on its website.
In addition, Taiwan-based First Commercial Bank and Jih Sun International Bank as well as Hang Seng Insurance have also gotten the green light.
Analysts said a growing number of players in the bond market will improve the mechanism that allows the yuan to flow back to the onshore markets.
Frankfurt-based Deutsche Bank said inter-bank trading activities represent more than 94 percent of the bond market in China. The bank was one of the first foreign lenders to receive the interbank bond settlement agent license from the PBOC last week.
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