Banks' HK bond sales likely postponed
7 July 2008
Mainland banks may have to further postpone plans for yuan-denominated bond issues in Hong Kong until September because the State Council has yet to give final approval, the South China Morning Post reported. Five mainland lenders, including Bank of China and China Construction Bank, were originally scheduled to offer a combined US$2.9 billion in bonds as early as last month. The delay has been attributed to the State Council's need to deal with the aftermath of the Sichuan earthquake and concerns that a bond sale would put further pressure on the yuan's appreciation.