The Hong Kong Monetary Authority (HKMA) has welcomed the announcement by the China Development Bank (CDB) of its forthcoming issuance of renminbi (RMB) bonds in Hong Kong through the bond tendering platform of HKMA’s Central Moneymarkets Unit (CMU).
CDB will be the first financial institution in mainland China to make use of the CMU platform to issue RMB bonds, following the inaugural issuances by the Chinese Ministry of Finance through the platform in December 2010 and August 2011.
The issue is said to signify a continual deepening of financial co-operation between the Mainland and Hong Kong, together with a widening of the channel, and an enhancement of the methodology and environment, for the issuance of RMB bonds in Hong Kong.
"We look forward to seeing more issuers make use of the CMU platform to issue RMB bonds in the offshore RMB market", an HKMA spokesperson said. The CMU is operated by the HKMA, and serves as a platform for the tendering, clearing and settlement of bonds.
A comprehensive report in our Intelligence Report series giving a country-by-country analysis of offshore investment funds, stock exchanges and trusts, with an analysis of the US QI regime, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.aspTags: offshore | investment | banking | capital markets | offshore banking | China | Hong Kong | Hong Kong | China
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