Bragging rights have gone to three deals: an Rmb200 million ($30 million) bond for McDonald’s, the first corporate deal for a multinational; Rmb1.4 billion from Hopewell; and a certificate of deposit deal worth Rmb500 million from Citic Bank.
These deals followed a decision in February by the Hong Kong Monetary Authority, with China’s support, to allow renminbi bond business to be carried out in Hong Kong in accordance with prevailing banking practices, so long as it did not entail any flow of renminbi funds back to the mainland.
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