China Development Bank to offer Yuan-dominated bonds in Taiwan

08:35, December 10, 2010      

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China Development Bank, the mainland's policy bank, says it hopes to offer Yuan-dominated bonds in Taiwan if conditions are right.

At a high-level financial symposium held Wednesday in Beijing, delegations from the Chinese mainland and Taiwan discussed further collaboration. Yin Hang has the story.

Chen Yuan, chairman of the China Development Bank says the bank has forged close ties with companies from Taiwan. Since October, the bank has lent over 42 billion yuan in loans to Taiwan companies, helping them solve financing difficulties in the mainland.

Chen also expects to explore a yuan-dominated bonds business in Taiwan.

Chen said, "We're expecting to issue yuan-dominated bonds, as the Renminbi business gradually expands. It will be conducive to realize further financial cooperation between the two sides."

China Development Bank, the mainland's second-largest bond issuer after the Ministry of Finance, may also set up a representative office in Taiwan and will look into cooperating with Taiwan banks on yuan clearing and currency exchange.

Economic ties between the mainland and Taiwan have become increasingly close as the Economic Cooperation Framework Agreement, or ECFA, took effect in September. Taiwan authorities say its exports to the mainland and Hong Kong reached a record 1.4 billion US dollars during the first 11 months of this year, making up nearly 42 percent of its total export value.



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