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The Export-Import Bank of China (China Eximbank), a policy bank that backs up the mainland's foreign trade, will study the renminbi market in Hong Kong to decide whether it will issue yuan-denominated bonds there, according to the lender's top management.

 

"We will discuss and study the situation of the renminbi market first. We will give it profound consideration before making the decision," said Li Ruogu, chairman of China Eximbank.

 

The central government's approval for mainland financial institutions to offer yuan bonds last week was a long-awaited move that is expected to further bolster Hong Kong's role as a platform for the yuan business.

 

Since the announcement there has been heightened anticipation as to who will be the first player in Hong Kong.

 

Economists predicted the three policy banks China Development Bank, Agricultural Development Bank of China and China Eximbank could be the first batch of mainland financial institutions to launch the business.

 

This is because all mainland commercial banks have a means to tap Hong Kong's equity market, whereas fundraising channels for policy banks are limited to capital injections from the government. The chance to issue yuan bonds in Hong Kong will be too good an opportunity for policy banks to miss, economists said.

 

But analysts are concerned that the small yuan reserve of only 20 billion in Hong Kong may not be enough to meet the urgent need of issuers.

 

Li, however, said he was optimistic about the yuan market in Hong Kong, because "any market development should be based on a step-by-step approach, and Hong Kong is stepping in a promising direction".

 

Li said he had reviewed and adjusted China Eximbank's loan portfolio since he was appointed its chairman a year and a half ago.

 

He said China Eximbank will give a favorable loan policy to import and export businesses in the areas of high-tech, energy efficiency and environmental protection, which are vital issues for the nation's development.

 

"We will give strong support to sectors including high technology, energy efficiency and environmental protection. We will help to streamline their exports and at the same time encourage and welcome their import business," said Li at a luncheon in Hong Kong's Conrad Hotel yesterday.

 

Li attended the luncheon to chair the signing ceremony for a cooperation agreement between the bank and Hong Kong-based Heung Kong Group.

 

The two parties agreed to work together to provide more loans to Taiwanese and Hong Kong investors who want to expand on the Chinese mainland.

 

China Eximbank has expanded its service range in response to growing demand for Taiwanese business groups on the mainland.

 

(China Daily January 18, 2007)