Foreign lenders may get bond nod on mainland

时间：2007-06-18 00:23:44

（单词翻译:单击）

June 17 - China is considering allowing foreign financial institutions to issue renminbi bonds on the mainland, a source from the China Banking1 Regulatory Commission (CBRC) said on Friday.

 

"The country's financial regulators will soon work out a plan to guide foreign financial institutions" in issuing such bonds on the mainland, said an official with the industry watchdog, who declined to be named.

 

He declined to give a date when the plan will be finalized2.

 

The move will help ease pressure on the yuan to appreciate, and boost the country's underdeveloped bond market, he said.

 

China opened its renminbi retail3 business to foreign banks on December 11 last year. However, as their undeveloped networks on the mainland failed to draw sufficient deposits, foreign lenders have had to get money from abroad or borrow money from the inter-bank market to supply lending.

 

"Getting money from abroad has somehow added appreciation4 pressure on the Chinese currency and led to a flush in liquidity," Wu Yonggang, an analyst5 with Guotai Jun'an Securities, said.

 

Allowing foreign lenders to issue bonds will help diversify6 the issuers and improve the market's infrastructure7, Wu said.

 

Charlene Chu, director of financial institutions of Fitch Ratings (Beijing), said many foreign banks have very limited access to raise renminbi funds.

 

The issuance of bonds will help enhance their fund-raising capacity.

 

HSBC, the largest European bank and one of the earliest lenders to incorporate on the mainland, was said to have submitted an application to the CBRC in April to issue renminbi bonds, according to a source close to the bank.

 

He said HSBC had intended to use the money to purchase A shares of Bank of Communications when the Chinese bank launched an IPO in Shanghai in May.

 

As other foreign banks may also submit such applications, Chinese financial regulators decided8 to draw up a scheme before it allows any foreign banks to do that, he said.

 

Both Chu and Wu agreed that it is quite likely the Chinese government may only allow locally incorporated foreign lenders to issue such bonds in order to control risks.

 
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1 banking aySz20     
n.银行业，银行学，金融业
参考例句：
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
2 finalized 73d0ccbca69b94ee4cd7fc367a8ac9fc     
vt.完成（finalize的过去式与过去分词形式）
参考例句：
  • The draft of this article has been finalized [done]. 这篇文章已经定稿。 来自《现代汉英综合大词典》
  • The draft was revised several times before it was finalized. 稿子几经删改才定下来。 来自《现代汉英综合大词典》
3 retail VWoxC     
v./n.零售；adv.以零售价格
参考例句：
  • In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
  • These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。
4 appreciation Pv9zs     
n.评价；欣赏；感谢；领会，理解；价格上涨
参考例句：
  • I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
  • I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。
5 analyst gw7zn     
n.分析家，化验员；心理分析学家
参考例句：
  • What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
  • The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。
6 diversify m8gyt     
v.（使）不同，（使）变得多样化
参考例句：
  • Our company is trying to diversify.我们公司正力图往多样化方面发展。
  • Hills and woods diversify the landscape.山陵和树木点缀景色。
7 infrastructure UbBz5     
n.下部构造，下部组织，基础结构，基础设施
参考例句：
  • We should step up the development of infrastructure for research.加强科学基础设施建设。
  • We should strengthen cultural infrastructure and boost various types of popular culture.加强文化基础设施建设，发展各类群众文化。
8 decided lvqzZd     
adj.决定了的，坚决的；明显的，明确的
参考例句：
  • This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
  • There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

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