Citi authorised as interbank bond market maker in China

Citi is the second foreign bank to be approved to make markets in onshore renminbi interest-rate products.

Citi has received regulatory approval to act as an interbank bond market maker in China, becoming only the second foreign bank after JP Morgan in May last year to be allowed to quote continuous two-way prices for a range of interest-rate products.

Citi announced news of the approval on August 12. It will compete with 19 incumbent mainland Chinese market-makers, but the decision by the Peoples' Bank of China reflects the country's intention to inject more liquidity and...

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