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Record RMB bond issued in HK in first 5 months: official

06-14-2011 10:01 BJT

HONG KONG, June 13 (Xinhua) -- A total of 28 billion yuan ( about 4.3 billion U.S. dollars) worth of Renminbi-denominated bond has been issued by 28 issuers in the first five months this year in Hong Kong, which was more than half of the amount for the whole of last year, said Norman Chan, Chief Executive of the Hong Kong Monetary Authority on Monday.

Speaking at a seminar, Chan said 36 billion yuan of RMB bond was issued in Hong Kong last year by 16 issuers. Back in 2007, the number was only 10 billion.

Chan said RMB internationalization signified a new era of rapid growth in China's trade and investment links with the world, and Hong Kong was part of China's growth story in the new era.

In 2010, China's RMB trade settlement was 506 billion yuan, of which 73 percent was handled by banks in Hong Kong. In the first quarter this year, among the 360 billion yuan of China's RMB trade settlement, 86 percent went through Hong Kong.

Since China nodded sales of RMB bonds in Hong Kong in July 2007, there have been 55 issues of bonds totaling approximately 102 billion yuan.

The range of issuers has also expanded over time, from mainland financial institutions at the beginning, to the Chinese Ministry of Finance and the mainland subsidiaries of Hong Kong banks in 2009, and further to Hong Kong and multinational corporations and international financial institutions. (1 U.S. dollar is equivalent to 6.48 yuan)

Editor:Wang Xiaomei |Source: Xinhua

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