China's PBoC issues rules on yuan bond sales in Hong Kong |
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Published
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Fri, 08 Jun 2007 13:09
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BEIJING (XFN-ASIA) - The People's Bank of China issued rules Friday clearing the way for the sale of yuan-denominated bonds by mainland financial institutions in Hong Kong.The rules, which were co-issued by the National Development and Reform Commission and posted on the central bank's website, include a requirement that the tenure of the debt be more than one year and that issuers have a core capital adequacy ratio of no less than 4 pct.The rules also require that issuers be profitable for the three most recent years.The rules follow an announcement earlier this year from the PBoC and the Hong Kong Monetary Authority.The Bank of China is planning to ask shareholders at its upcoming annual general meeting to approve the sale of up to 3 bln yuan worth of yuan-denominated debt in Hong Kong.derek.jiang@xfn.com
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