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Reforms to give more weight to capital (2)

By Chen Jia (China Daily)

08:58, November 30, 2012

An excess of worry among policy makers has obstructed the free flow of capital, Ma said. "It needs to do research to gauge the potential risks and remove unnecessary fears of the reform."

Ma suggested hastening the development of the market for the renminbi-denominated bond, which is also known as the "dim sum bond." "It is a way to transfer the country's overseas assets into renminbi denominated and reduces the exchange rate risk," Ma said.

It is also expected to open the bond system to foreign interbank debt markets, which means allowing more foreign financial institutions to issue bonds in China, and they can also hold more RMB bonds issued by Chinese government and companies, he added.

Investors overseas have shown their revived appetite for financial product after the yuan recently climbed to a 19-year high and China's new leadership pledged to further carry out reform and open up the economy.

Only banks in the Chinese mainland and Hong Kong could issue the dim sum bonds until July 2010.

chenjia1@chinadaily.com.cn

【1】 【2】


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