China Travel & Tourism News
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China allows listed commercial banks to resume exchange-based bond trades
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21-Jan-2009 - |
China allows listed commercial banks to resume exchange-based bond trades
GOV.cn Tuesday, January 20, 2009
China's listed commercial banks will be allowed to trade bonds on the country's exchanges for a trial period of unspecified length, ending a ban imposed in 1997, securities regulators said.
Banks will need approval from the China Banking Regulatory Commission (CBRC) and then apply to stock exchanges for such trading, according to a web notice posted Monday by the China Securities Regulatory Commission (CSRC).
Transactions must be on a cash basis and can involve treasury, corporate, enterprise and other approved bonds during the trial, said the announcement.
Since the ban was imposed, banks have conducted bond trading through the interbank market.
According to an unidentified CSRC official, the move represents an attempt to expand the bond market and sources of financing for businesses.
The CBRC and CSRC will monitor the trading and gradually expand the scope of banks' bond trading activities, based on results of the trial, said the announcement.
China banned commercial banks from exchange-based bond trading after banks illegally channeled bond-market repurchase agreement funds to the stock market. |
21-Jan-2009 - |
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