Bank of China Hong Kong to Issue 22.2 Billion Yuan NCDs

Bank of China (Hong Kong) Ltd. plans to issue up to 22.2 billion yuan ($3.3 billion) of interbank negotiable certificates of deposit (NCDs) in the mainland Chinese market this year. As the sole yuan clearing bank in Hong Kong, the institution has already registered the quota for these short-term debt instruments with the People's Bank of China.

The NCDs will have maturities of one year or less. This issuance is part of a broader strategic effort by Chinese authorities to strengthen the position of Hong Kong as a primary hub for yuan business.