China’s economic planning body made its first public announcement Wednesday of banks to be allowed to issue offshore renminbi bonds and also gave its first approval for a Chinese company to borrow yuan directly from an offshore bank, the Financial Times reported. The National Development and Reform Commission (NDRC) will allow 10 banks to issue RMB25 billion (US$4 billion) in offshore bonds. Most of the banks are large Chinese state-owned entities, but the China subsidiary of HSBC (HBC.NYSE, HSBA.LSE, 005.HKG) and Bank of East Asia (0023.HKG) were also included in the list. The NDRC also approved Guangdong Nuclear Power Group’s request to borrow RMB3 billion (US$475 million) from Bank of China’s (601988.SH, 3988.HKG) Hong Kong subsidiary. The announcements could enhance the transparency of the nascent offshore yuan market in Hong Kong and are broadly in line with Beijing’s assumed goal of internationalizing its currency. The offshore renminbi market in Hong Kong has grown exponentially since 2009; around 10% of China’s international trade was settled in yuan in 2011.