China Allows Two Offshore Commercial Banks to Issue Bonds in Interbank Market

BEIJING--China's central bank said Tuesday it gave the green light to HSBC Holdings PLC (HSBC) and BOC Hong Kong (Holdings) Ltd. (2388.HK) to issue yuan-denominated bonds in the nation's interbank market, after Beijing vowed to further open the market to global financial institutions.

HSBC got approval to issue 1 billion yuan ($156.86 million) of bonds while the Hong Kong branch of Bank of China, the nation's fourth-largest bank by assets, will be allowed to issue 10 billion yuan, said the People's Bank of China in a statement on its website.

The PBOC said it was the first time China allowed offshore commercial banks to issue local-currency bonds in its domestic debt market.

The move would "broaden international commercial banks' yuan financing channels, boost opening of China's bond market as well as the cross-border use of the yuan," said China's central bank in the statement.

Write to Grace Zhu at grace.zhu@wsj.com

(END) Dow Jones Newswires

September 22, 2015 07:37 ET (11:37 GMT)

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