HSBC Bank China said on Wednesday that it had become the first locally incorporated foreign bank to participate in the underwriting of a renminbi-denominated financial bond in China.
Earlier this year, the People's Bank of China PBOC gave broad approval for HSBC and more than a dozen other overseas banks incorporated on the mainland to be involved in this growing sector of China's financial markets, and a similar approval in principle for them to underwrite corporate bonds too.
The approval is a further sign that China is opening its onshore capital markets to greater foreign participation. Already, joint venture securities firms formed with local partners by Goldman Sachs, Deutsche Bank and Credit...
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