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China Development plans yuan bond sale in Hong Kong
Published on: 2009-07-27
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July 27 (Bloomberg) -- China Development Bank, the government-run bank for public works projects, plans to sell at least 1 billion yuan ($146 million) of bonds in Hong Kong as China expands its bond market outside the mainland.


Bank of China (Hong Kong) Ltd. and Hong Kong and Shanghai Banking Corp. will manage the sale of 2.45 percent notes, according to a company statement distributed to reporters today.


“Such issuance does not only target fundraising,” China Development Vice President Gao Jian said at a ceremony for the bonds in Hong Kong. It “implements the People’s Republic of China government’s important measures to support the development of the financial and bond markets in Hong Kong.”


China is seeking to expand its bond markets as part of a strategy to boost international use of its currency, the yuan. The central bank said on July 24 that it would give more foreign institutions permission to sell debt in China.


HSBC Holdings Plc and Bank of East Asia Ltd. in May became the first foreign banks to win approval for yuan bond sales in Hong Kong.

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