China move on yuan bonds in HK key step for currency to move to intl stage -Yam |
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Thu, 11 Jan 2007 05:03
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HONG KONG (XFN-ASIA) - China's approval for its financial institutions to issue yuan-denominated bonds in Hong Kong is a key step for the Chinese currency to move towards the international stage, said Joseph Yam, chief executive of the Hong Kong Monetary Authority (HKMA).'This is the first step for the yuan moving towards the international stage; it's a very important step. And this happens in Hong Kong, I feel very encouraged by the move,' Yam said.'This is the first time that mainland financial institutions are allowed to issue yuan-denominated bonds outside of (China),' he noted.Yam said it will take up to six weeks to set up a system for the institutions to sell such debt securities in Hong Kong.China's State Council, or cabinet, approved yesterday a further expansion of yuan business in Hong Kong, allowing mainland lenders to issue bonds here denominated in the Chinese currency.afp/rc
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