New regulations to promote panda bonds
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.