June 4, 2009

Standard Chartered to issue yuan bonds

Britain's Standard Chartered Bank in Shanghai plans a yuan bond issue worth $512 million, the first foreign bank to do so on the Chinese mainland.

The announcement follows the Chinese Cabinet's plans announced in April to build Shanghai into an international financial center and shipping hub, Xinhua reported.

The bonds will be issued on the national inter-bank bond market open to institutional investors, other media reports said.

As China's financial market continues to liberalize, Standard Chartered is seeing a number of opportunities for our business, Xinhua reported Peter Sands, Standard Chartered Group's chief executive, as saying earlier.

Standard Chartered, which earned $13.97 billion last year, is China's oldest foreign bank with a 150-year history, and currently has one of the largest foreign bank networks in the country, the report said.