Beijing (CNS)--Ping An of China selected a Renminbi (RMB) Bond, the first Renminbi-denominated bond issued in Macau by the Bank of China (BOC), on Wednesday.
In a statement, the BOC said demand for RMB assets has been increasing this year, so it has authorized its Macau branch to promote and sell the bond.
A responsible person from the BOC said Ping An of China (Hong Kong) had signed an agreement with the bank, issuing the first off-shore Renminbi-denominated bond in Macau, which has fulfilled a "blank spot" in the Macau finance market.
China's off-shore RMB-denominated bond market was initiated in Hong Kong in 2007. These bonds were called "dim sum bonds" by insiders in Hong Kong due to their small scale. But since 2010–especially the second half of 2010–this market has greatly accelerated its expansion.
According to public statistics from the Hong Kong Monetary Authority (HKMA), from 2007 to 2009 a total of 38 billion yuan-valued RMB-denominated bonds (including the national debit) were issued in Hong Kong, achieving a steady increase over three years.
