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China Development Bank sells 2 bln U.S. dollar onshore bonds

Abstract : The China Development Bank (CDB), one of the country's policy banks, issued 2 billion U.S. dollars in onshore bonds on Thursday, its first such USD-denominated bond issuance for six years.

BEIJING, June 3 (Xinhua) — The China Development Bank (CDB), one of the country’s policy banks, issued 2 billion U.S. dollars in onshore bonds on Thursday, its first such USD-denominated bond issuance for six years.

The one-year bonds yield a coupon of 0.38 percent, according to a statement posted on the CDB’s website.

It has helped the CDB broaden its foreign-currency financing channels and offers domestic institutions diversified foreign-currency investment products, said the bank.

The bank said it would continuously enrich bond products and actively promote the interconnection and high-quality development of the bond market.

As the Chinese currency renminbi, or the yuan, continues to appreciate rapidly, China’s central bank has vowed to guide expectations to keep the yuan exchange rate basically stable at a reasonable and balanced level, and has urged enterprises and financial institutions to refrain from currency speculation.

On May 31, the People’s Bank of China said it would raise the reserve requirement ratio for foreign currency deposits by 2 percentage points from the current 5 percent to 7 percent, beginning June 15.

The central parity rate of the yuan, weakened 38 pips to 6.3811 against the U.S. dollar on Thursday, according to the China Foreign Exchange Trade System. Enditem

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Source: China Development Bank sells 2 bln U.S. dollar onshore bonds

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