Upon the announcement that Chinese authorities were opening up the mainland bond market we speculated that the position of offshore centres could be undermined. But centres such as Hong Kong will continue to expand RMB business. With the mainland bond market being dominated by central bank bills, government and financial institution bonds, perhaps the way forward for Hong Kong is international corporate issuance.
Standard Chartered this week announced the launch of a remnimbi- denominated corporate bond for McDonald’s Corporation.
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