CSRC approves RMB 4.23 billion bond offering

The China Securities Regulatory Commission (CSRC) approved sale of RMB 4.23 billion worth of domestic five-year bonds by mainland securities firms. The CSRC said Citic Securities will offer RMB 1 billion, Haitong Securities RMB 3 billion and Great Wall Securities RMB 230 million. The approval comes as part of CSRC strategy to prepare local securities firms for foreign competition following China's WTO entry.