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 ...