Taiwan’s efforts to become a major offshore renminbi hub could be boosted this week with the market poised to see the first Rmb-denominated bonds from mainland firms.
At least Rmb8 billion $1.3 billion of Formosa bonds are planned and some will hit the market after Taiwan’s GreTai Securities Market issues detailed rules in the next few days, according to multiple sources.
The rules will specify conditions for issuers, said Lin Yinggui, vice-president with the GreTai Securities Market. The first batch of issuers will include large state-owned banks, as well as the mainland units of some Taiwan-based banks or enterprises, according to Lin.
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