Standard Chartered HSBC launches renminbi debt in mainland China

The work of Shanghai International Financial Center construction is advancing in an intensive way.　　Standard Chartered China and HSBC China have now started work on issuing renminbi bonds in the mainland, the newspaper reporter learned yesterday. Zeng, China's chief executive officer and executive vice president of the board, said yesterday that with the approval of the regulator, the total amount of renminbi bonds to be issued by Standard Chartered China is 3.5 billion yuan, which is limited to the same day as the mainland interbank bond market, said Sting, HSBC's managing director and global capital markets director. HSBC China is also actively preparing for a representative price reference to facilitate the development of renminbi financial markets.　　However, Standard Chartered China and HSBC China have not disclosed a more detailed timetable.　　If all goes well, the statement by the two foreign banks means that the first renminbi bonds issued by foreign businesses will soon be born. According to the information available, the International Finance Corporation (IFC) and the Asian Development Bank (ADB) were allowed to issue 1.13 billion yuan and 1 billion yuan in renminbi bonds called "Panda bonds" respectively in the Bank of China bond market in October 2005. At the time, the approval of the two foreign institutions to issue renminbi bonds was seen as a "big step" in the opening up of the Chinese bond market.　　But there has been no progress since the opening of capital projects.　　And if the ordinary foreign enterprises are finally allowed to bond, for the establishment of the international status of the renminbi with the International Financial center of Shanghai, and capital projects open, is undoubtedly a significant "one Ring." "Foreign financial institutions can issue renminbi bonds in China will further enhance the international status of the renminbi, the development of capital markets, and promote Shanghai to build an international financial centre."　　Sands, chief executive of Standard Chartered Group, said.　　According to the information, Shanghai on May 11, "The implementation of the spirit of Central, accelerate the promotion of international financial Center and International Shipping Center Construction Mobilization Conference" will promote foreign institutions to issue renminbi bonds in this year's annual plan of the main work.　　In addition to the announced upcoming renminbi international trade settlement and the promotion of foreign agencies to issue renminbi bonds, Shanghai will also allow foreign companies to issue renminbi shares in the mainland is also listed in Shanghai this year's annual plan important work. The company is expected to become the first foreign company to list on the Shanghai Stock Exchange within 2-3 years, according to the HSBC correspondent, who received an interview last month.