Sharehol parking disc ders allow BOC to issue RMB 10 bln in RMB bonds in HK
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Shareholders allow BOC to issue RMB 10 bln in RMB bonds in HKPublished: 22 Jun 2009 16:58:30 PST

Top 5 News From ChinaKnowledge.comShareholders allow BOC to issue RMB 10 bln in RMB bonds in HKAIA to raise US$8 bln from Hong Kong IPOPetroChina eyes Ineos refinery in ScotlandDetroit Electric teams up with Dongfeng Motor for electric carsCIC may invest US$ 500 mln in Blackstone hedge fundJun. 23, 2009 (China Knowledge) - Bank of China (BOC)<601988><3988>, one of the Big Four state-owned banks in China, said Thursday that it has obtained approval from its shareholders to sell RMB 10 billion in RMB-denominated bonds in Hong Kong.

In April, the Beijing-based lender said that it plans to issue Chinese currency bonds with a maturity of up to three years in Hong Kong by the end of 2010.

BOC has sold RMB 6 billion in RMB bonds in Hong Kong since 2007, when the government started to permit mainland Chinese banks to issue RMB-denominated bonds in Hong Kong.

So far, four other Chinese banks have issued RMB bonds in the city. They are China Construction Bank Corp (CCB)<601939><0939>, Bank of Communications Co Ltd (BoComm)<601328><3328>, China Development Bank (CDB), and China Export-Import Bank (China Exim Bank).

Last month, the mainland subsidiaries of HSBC PLC<0005><HBC> and Bank of East Asia (BEA)<0023> obtained approval to sell RMB bonds in the Hong Kong special administrative region, and will be the first foreign lenders to do so, according to an earlier report from China Knowledge.


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