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.
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.