New reg­u­la­tions to pro­mote panda bonds

China Daily European Weekly - - Business - Cer­ti­fi­ca­tion al­liance is es­tab­lished Civil avi­a­tion sec­tor on a firm foot­ing

China will en­cour­age for­eign in­sti­tu­tions to raise funds through yuan­de­nom­i­nated bonds in the in­ter­bank bond mar­ket, as part of ef­forts to accelerate the open­ing up of the fi­nan­cial mar­ket and im­prove the yuan’s in­ter­na­tion­al­iza­tion. The Peo­ple’s Bank of China, the cen­tral bank, and the Min­istry of Fi­nance jointly is­sued reg­u­la­tions on Sept 25 to pro­mote bond is­suances by for­eign in­sti­tu­tions in the Chi­nese main­land in­ter­bank bond mar­ket. The for­eign in­sti­tu­tions, which are al­lowed to is­sue yuan-de­nom­i­nated bonds, or so-called panda bonds, in­clude in­ter­na­tional de­vel­op­ment in­sti­tu­tions, for­eign gov­ern­ments, over­seas fi­nan­cial in­sti­tu­tions and non­fi­nan­cial com­pa­nies. The rules fur­ther clar­i­fied stan­dards for for­eign bond is­suers on ap­pli­ca­tion con­di­tions and pro­ce­dures, in­for­ma­tion dis­clo­sure and mat­ters re­lated to bond is­suance reg­is­tra­tion, en­trust­ment and set­tle­ment, ac­cord­ing to a state­ment on the cen­tral bank’s web­site. The move will im­prove the in­ter­na­tion­al­iza­tion of China’s bond mar­ket and is a sig­nif­i­cant step in fur­ther open­ing the coun­try’s fi­nan­cial sec­tor, it said. The Qualink Brand In­ter­na­tional Cer­ti­fi­ca­tion Al­liance, a semiof­fi­cial na­tional as­so­ci­a­tion formed by well­known over­seas and do­mes­tic cer­ti­fi­ca­tion, brand and qual­ity study, stan­dard­iza­tion and qual­ity in­spec­tion and ver­i­fi­ca­tion in­sti­tu­tions, was formed in Beijing on Sept 25. The al­liance aims to in­tro­duce a new mech­a­nism to unify cer­ti­fi­ca­tion stan­dards, rules and meth­ods for com­modi­ties and prod­ucts in China to pro­mote in­no­va­tion and help Chi­nese en­ter­prises bet­ter es­tab­lish their brands. China’s civil avi­a­tion sec­tor ex­panded at a steady rate in the first seven months of the year, of­fi­cial data showed. To­tal air trans­porta­tion turnover reached 68.8 bil­lion met­ric tons per kilo­me­ter in the Jan­uaryJuly pe­riod, up by 12.8 per­cent yearon-year, faster than the 12.5 per­cent in­crease for 2017, ac­cord­ing to the Civil Avi­a­tion Ad­min­is­tra­tion of China. A to­tal of 350.3 mil­lion pas­sen­ger trips were made dur­ing the pe­riod, up by 12.1 per­cent year-onyear, com­pared with a 13 per­cent in­crease last year. Cargo turnover rose by 6.6 per­cent year-on-year to 4.1 mil­lion tons.

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