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Strategies & Market Trends : Greater China Stocks
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From: Julius Wong6/5/2011 8:18:16 AM
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China's Banks Prepare for Yuan Rush
By LINGLING WEI in Beijing and CAROL CHAN in Hong Kong

Chinese banks are racing to build up their yuan deposit base in Hong Kong by tapping its flourishing debt market, as they expect a potential rise in demand outside the country's borders for loans denominated in China's currency.

Last month, the Hong Kong subsidiaries of lenders including Bank of China Ltd., China Construction Bank Corp. and China Merchants Bank Co. raised nearly 16 billion yuan ($2.47 billion) by issuing certificates of deposit, or CDs, according to data provided by HSBC Holdings PLC. Bank of China led the pack, with about eight billion yuan of CD issuance.

The banks' sales were the biggest driver in May for yuan-denominated debt issuance in Hong Kong, a sector that has enjoyed tremendous growth since regulators last year opened up the market for "dim sum bonds"—as yuan-denominated bonds issued outside mainland China are known—to a broad array of borrowers, amid Beijing's efforts to expand the use of the yuan beyond the mainland.

online.wsj.com
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