Platform for MNCs鈥 bonds
Print Edition
SHANGHAI will set up a platform for multinational companies to issue corporate bonds in order to expand the presence of overseas companies in China’s capital market, Zheng Yang, director of the Shanghai Financial Services Office, said yesterday.
“The platform is an innovative project under the pilot free trade zone to provide direct financing for foreign-invested companies,” Zheng said on the sidelines of the annual meeting of the Shanghai People’s Congress. “It will permit companies to issue corporate bonds and then expand to other areas.”
The platform will also help raise the yuan’s global position and create a vehicle for the currency to return to the domestic market, Zheng said.
Meanwhile, a program to establish an international board on the Shanghai Stock Exchange is not being considered right now, Zheng said.
In 2009, Shanghai had planned to set up the board to allow foreign firms to sell yuan-denominated shares in China.
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