Planner approves bonds issue

CHINA'S top planner, the National Development and Reform Commission, has allowed 10 financial institutions to issue yuan bonds in Hong Kong to raise a combined 25 billion yuan (US$3.95 billion).

The Chinese mainland subsidiaries of HSBC and Bank of East Asia, China's five largest state-owned banks and the country's three policy banks including China Development Bank have won the go-ahead, the planner said yesterday.

Liu Jie, a strategist with HSBC told Reuters it was the first time the authority had publicized the amount and issuers of the bonds, and this would help market transparency.