This undated file photo shows a worker counting Chinese currency renminbi (RMB) at a bank in Linyi, East China's Shandong province. (PHOTO / XINHUA)
BEIJING – Chinese authorities have abolished a set of interim measures introduced in 2007 to make it easier for financial institutions on the Chinese mainland to issue yuan-denominated bonds in the Hong Kong Special Administrative Region.
The interim measures have been abolished as they no longer reflect current demand amid the accelerated establishment of a new system for a higher-level open economy, according to a statement jointly released by the People's Bank of China and the National Development and Reform Commission.
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The move will help simplify and optimize procedures for financial institutions on the Chinese mainland to issue yuan bonds in the HKSAR, as well as other countries and regions overseas, according to the two state organs.
