Bank of China to sell $3b bonds in HK

Bank of China (BoC; 601988.SH, 3988.HK) said Friday it will issue up to RMB20 billion (US$3 billion) in renminbi-denominated bonds in Hong Kong by the end of 2012, Dow Jones reported. The plan is still subject to regulatory approval, but Beijing is trying to promote the development of an offshore market for renminbi-denominated instruments as part of the gradual liberalization of its currency regime, and has encouraged state-owned banks to issue renminbi bonds in Hong Kong. BoC is the country’s fourth-largest lender by assets.