Central Banking

China opens onshore bond market to foreign banks

china

China will allow foreign banks to issue renminbi-denominated bonds onshore for the first time, a step the central bank says will help spur use of the currency abroad.

The Hong Kong units of HSBC and Bank of China are the first two banks to gain access to the country's interbank bond market, according to a statement by the People's Bank of China (PBoC) on September 22.

HSBC will be able to issue 1 billion yuan ($160 million) and Bank of China 10 billion yuan, following a "recent agreement", the

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