China gives boost to 'dim sum' bonds
China unveiled plans in August to allow corporates to issue renminbi bonds in Hong Kong for the first time. The move has excited market participants and promises to be a watershed moment for the country’s credit markets
In a visit to Hong Kong in August, China’s vice-premier Li Keqiang and governor of the People’s Bank of China, Zhou Xiaochuan, unveiled a series of proposals which, for the first time, will open up the country’s non-financial companies to the international debt arena. Key to the development was the creation of a 50 billion yuan ($7.84 billion) quota for local companies to issue renminbi bonds in Hong Kong, split evenly between financials and non-financials.
While the announcement came at the
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