China’s second yuan bond issue in HK has raised initial US$750 million


HONG KONG, AFP

China says its second yuan-denominated bond issue in Hong Kong has initially raised 5 billion yuan (US$750 million), as Beijing tries to internationalize its currency. Strong interest pushed demand to almost 10 times the offering’s allotment for institutional buyers, with another 3-billion yuan worth of two-year bonds to be offered to retail investors from Dec. 7-14, China’s finance ministry said Tuesday. The move follows Beijing’s first yuan-denominated bond issue in Hong Kong in September last year, worth about 6 billion yuan.