China News Service, Beijing, December 28 (Reporter Xia Bin) The People's Bank of China announced on the 28th that it and the National Development and Reform Commission of China have recently decided to abolish the "Interim Measures for the Administration of Domestic Financial Institutions' Issuance of RMB Bonds in the Hong Kong Special Administrative Region" (hereinafter referred to as " Interim Measures”), the issuance of RMB bonds by domestic financial institutions overseas is unified by the Central Bank of China, the National Development and Reform Commission and other relevant departments within the current management framework and their respective responsibilities.
The person in charge of the relevant department told reporters that with the accelerated construction of a new high-level open economy system, China's full-scale foreign debt management has been continuously improved, and the macro-prudential management framework for cross-border financing has been gradually established and improved. The interim measures have been unable to fully meet current development needs.
In this context, in order to deepen the reform of decentralization, regulation and service, to further unify and standardize the management framework for domestic financial institutions to issue bonds abroad, and to enhance the convenience and flexibility of overseas bond issuance, upon the approval of the State Council, the Central Bank of China and the National Development and Reform Commission jointly Repeal the interim measures.
Statistics show that as of the first half of 2021, domestic financial institutions have issued 147.8 billion yuan of RMB bonds in Hong Kong, which has played an important role in enriching overseas RMB market investment products, broadening the use of overseas RMB funds, and enhancing the influence of RMB.
The person in charge stated that after the repeal of the Interim Measures, domestic financial institutions' issuance of local and foreign currency bonds in Hong Kong and other countries (regions) outside Hong Kong will not be affected, and the procedures will be simpler and optimized, and the specific issuance can be selected independently within the approved quota. Regions and release windows.
The person in charge emphasized that the People’s Bank of China, the National Development and Reform Commission and other relevant departments will continue to do a good A new development pattern in which the big cycle is the main body and the domestic and international double cycles promote each other.
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