Opinion: China reforms key to HK renminbi bond market
If Beijing is serious about developing Hong Kong’s renminbi bond market, it needs to change convertibility rules and allow corporates to sell paper to swell liquidity and add diversity. It must also issue regularly in the city to help create a benchmark.
China is taking a step towards deepening Hong Kong’s renminbi bond markets with its Rmb6 billion (US$868 million) sovereign debt sale set for the end of this month.
Still, more needs to be done to develop the sector, as much for China as for Hong Kong.
The move is
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