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| No.11 December, 2010 |
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HKSAR Government welcomes the issue of RMB sovereign bonds by the Central Government in HK |
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The Ministry of Finance announced on November 22 that the Central Government will issue Renminbi (RMB) sovereign bonds totalling RMB eight billion in Hong Kong in the near future.
A spokesman for the Hong Kong Special Administrative Region (HKSAR) Government said: "The HKSAR Government welcomes the issue of RMB sovereign bonds in Hong Kong by the Central Government, which clearly demonstrates the Central Government's support for Hong Kong to consolidate and strengthen the role as an international financial centre and further develop offshore RMB business."
The spokesman added that this will be the second time the Central Government has issued RMB sovereign bonds in Hong Kong since the first issue in September 2009, with larger scale, longer tenor, and will be issued to institutional investors using a tendering method on the Central Moneymarkets Unit (CMU) of the Hong Kong Monetary Authority.
The spokesman continued: "This will facilitate the development of Hong Kong's RMB bond market by enlarging the scale of RMB bond market in Hong Kong, helping set the pricing benchmark for other RMB bonds, and increasing the participation of institutional investors."
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