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Chinese banks told to issue more offshore US dollar bonds

Hong Kong

CHINA'S central bank is said to have encouraged banks to issue more offshore US dollar bonds at a time of steep declines in the country's foreign reserves, raising supply prospects for the sector.

The People's Bank of China (PBOC) encouraged banks at a meeting late last month to issue more US dollar bonds, according to two market sources. The guidance was verbal and no specific measures were mentioned, they added.

"PBOC's stance was quite supportive (on the issuance of US dollar bonds)," said...

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