Shanghai's goal banks on yuan
By Zhang Fengming |
October 13, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI will develop its onshore yuan market to bolster its position as a global financial hub, authorities said yesterday.
"Shanghai will further build up its onshore yuan market, expand more channels to expand the use of the currency overseas and attract more overseas players to join the local currency market," the Shanghai Financial Services Office said yesterday.
Overseas banks are queueing to issue yuan-backed financial bonds in the inter-bank bond market in Shanghai.
Bank of Tokyo-Mitsubishi UFJ (China) Ltd is the first overseas bank to issue the bonds with a two-year 1 billion yuan (US$149 million) issuance earlier this year.
Talks on developing the onshore yuan market were held at a meeting yesterday that was attended by senior financial officials and industry players to help the city become a global financial and shipping hub by 2020.
Shanghai is among the first group of five cities allowed in July 2009 to try out a program using the yuan to settle trade with overseas companies.
China in June expanded the yuan settlement trade to 20 provinces and municipalities and also expanded the trade in products to services in all markets.
Some lenders, such as Shanghai Pudong Development Bank, have packages to help firms lock currency gains on hopes of a rising yuan.
"Shanghai will further build up its onshore yuan market, expand more channels to expand the use of the currency overseas and attract more overseas players to join the local currency market," the Shanghai Financial Services Office said yesterday.
Overseas banks are queueing to issue yuan-backed financial bonds in the inter-bank bond market in Shanghai.
Bank of Tokyo-Mitsubishi UFJ (China) Ltd is the first overseas bank to issue the bonds with a two-year 1 billion yuan (US$149 million) issuance earlier this year.
Talks on developing the onshore yuan market were held at a meeting yesterday that was attended by senior financial officials and industry players to help the city become a global financial and shipping hub by 2020.
Shanghai is among the first group of five cities allowed in July 2009 to try out a program using the yuan to settle trade with overseas companies.
China in June expanded the yuan settlement trade to 20 provinces and municipalities and also expanded the trade in products to services in all markets.
Some lenders, such as Shanghai Pudong Development Bank, have packages to help firms lock currency gains on hopes of a rising yuan.
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