More renminbi bonds to be issued in Hong Kong

ADB and World Bank’s top quality bonds issuance demonstrates importance of HK as renminbi bond market.

Monetary Authority Chief Executive Norman Chan has welcomed announcements by the Asian Development Bank and the International Finance Corporation of the World Bank Group on Tuesday on their issuance of renminbi bonds in Hong Kong, according to a Hong Kong Monetary Authority report.

"These issuances will not only add top quality issuers in Hong Kong's renminbi bond market, but also demonstrate the importance attached by international financial institutions to the development of an offshore renminbi platform in Hong Kong and their interest in using Hong Kong to raise renminbi funding," Mr Chan said.

The issuance of renminbi bonds by both institutions help expand the depth and breadth of the renminbi bond market in Hong Kong.

The Asian Development Bank 10-year issue is the longest tenor renminbi bonds issued in Hong Kong, while the International Finance Corporation has launched an on-going renminbi bond programme for the purpose of financing projects on the Mainland.

The Monetary Authority will continue to work closely with the two institutions to facilitate the launch of these bond issues.