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BOC renminbi bonds more than double subscribed in Hong Kong
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20:22, September 24, 2007

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The three billion yuan (0.4 billion U.S. dollars) renminbi-denominated bonds offered by the Bank of China has proved hugely popular with investors in Hong Kong, attracting about eight billion yuan (1.07 billion U.S. dollars), a senior official from the bank's Hong Kong subsidiary said Monday.

Speaking at a ceremony to commemorate the 90th anniversary of the bank's local branch, BOC Hong Kong vice chairman and Chief Executive He Guangbei said the first ever renminbi bonds issued by a mainland commercial bank in the city were "very successful."

The three billion yuan bonds were offered to both institutional and individual investors from Sept. 13 to Sept. 21. The duration of the bonds is 2 or 3 years, with annual yield standing at 3.15 percent and 3.35 percent, respectively.

It was the third time a Chinese mainland financial institution issued renminbi-denominated bonds in the Hong Kong Special Administrative Region.

Previous offers by the China Development Bank and the Export- Import Bank of China, both policy banks, were also hugely oversubscribed.

The development of a local renminbi bond market is significant for Hong Kong as well as the mainland, Hong Kong Financial Secretary John Tsang said last month.

Hong Kong banks started to handle RMB business in 2004 and the RMB deposits in Hong Kong had reached 27.6 billion yuan (3.68 billion U.S. dollars) by the end of June.

Source: Xinhua

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