Standard Chartered plans to issue US$512 million in renminbi-denominated bonds, making it the first foreign bank to issue local currency bonds in mainland China, state media reported. The announcement came after the Shanghai government said it would support foreign banks that issue renminbi-denominated bonds. This is linked to wider plans to turn Shanghai into an international financial center by 2020. Standard Chartered CEO Peter Sands said the bond issue is expected to help raise the profile of the renminbi as an international reserve currency and develop local capital markets as well as contribute towards Shanghai’s development as a global financial center. HSBC is also preparing to issue renminbi-denominated bonds, bank executives said.
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