InfoAnda - Beijing selling 1st yuan bonds in Hong Kong

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Beijing selling 1st yuan bonds in Hong Kong By JOE McDONALD,AP Business Writer - Monday, September 28 Send IM Story Print BEIJING – The first sale in Hong Kong of Chinese government bonds denominated in the mainland's yuan began Monday, adding to Beijing's gradual campaign to expand the use abroad of its tightly controlled currency. Banks took applications from the public for a portion of the 6 billion yuan ($875 million) issue. There was no immediate indication whether investor demand was strong. The bonds are to be issued Oct. 27. The yuan, also known as the renminbi, or people's money, does not trade on global markets. But Beijing has approved its use in trade between Hong Kong and some mainland cities and has signed a currency swap deal with Argentina and agreements to lend yuan to four other nations in emergencies. The bond sale "will help the renminbi become an international currency, but the impact will not be huge," said Zuo Xiaolei, chief economist of Galaxy Securities Ltd. in Beijing. Hong Kong is Chinese territory but has its own currency and regulatory system and often is used by Chinese companies to deal with foreign investors. A few mainland institutions, including state-owned China Construction Bank Ltd. and Bank of China Ltd., have issued yuan-denominated bonds in Hong Kong. Two-thirds of the issue is allocated to institutional investors, with the rest going to the public. But the portion for small investors might be increased if demand is strong, said Dai Ying, general manager of global markets for Bank of China Ltd.'s Hong Kong branch, one of two state-owned banks that are leading the sale. Hong Kong leaders want to develop the territory as a center for non-mainland trading of the yuan. They hope the business will boost finance industries that have been battered by the global economic crisis. "This will help build a foundation and accumulate experience for China's launching of more yuan-denominated financial products abroad," Henry Tang, Hong Kong's chief secretary for administration, said at a launch ceremony in Hong Kong. Premier Wen Jiabao, the mainland's top economic official, has promised to strengthen trade and finance links with Hong Kong. "Hong Kong is an international market and has advantages in information and communication, so it is the best place for the issuance of renminbi bonds," said Zuo of Galaxy Securities. "It also offers an opportunity for Hong Kong to become an offshore renminbi center and will promote Hong Kong's internationalization." Two banks _ London-based HSBC Holdings and Hong Kong-based Bank of East Asia _ said in May they had become the first non-mainland companies approved to sell yuan bonds. The bond sale "has deep implications for the renminbi's internationalization," said a deputy Chinese finance minister, Li Yong, at the Hong Kong ceremony. ___ Associated Press Writer Min Lee in Hong Kong and researcher Yu Bing in Beijing contributed to this report. ___ On the Net: Chinese Finance Ministry (in Chinese, with English link): http://www.mof.gov.cn Recommend Send IM Story Print Related Articles Bombardier venture awarded Chinese contract AP - 2 hours 10 minutes ago UK extends vehicle scrappage scheme Reuters - 2 hours 15 minutes ago Injured Stanford back in Conroe lockup after fight AP - 2 hours 24 minutes ago Xerox to buy Affiliated Computer for $6.4 billion Reuters - 2 hours 32 minutes ago Oman's Sohar Port signs $200 mln project loan Reuters - 2 hours 32 minutes ago News Search Top Stories Yen hits eight-month dollar peak Frankfurt stocks rise after Merkel win Madoff family to be sued over missing billions Deripaska's company owes bank $432 mln Bonus-less Hungary sees plunging car sales More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Madoff family to be sued over missing billions Scientists make paralysed rats run again Deripaska's company owes bank $432 mln Bonus-less Hungary sees plunging car sales Gulf single currency should be phased: Kuwait More Most Viewed » Ozone hole smaller in 2009 than 2008: WMO Remains of Jesus-era synagogue found in Israel Nanoparticles could pose threat to humans: scientists Implanted tooth helps blind US woman recover sight More Most Recommended » Elsewhere on Yahoo! 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