This license would allow both the foreign banks to underwrite the sale of non-financial corporate bonds on China’s interbank market, including commercial paper and medium-term notes.
Chinese interbank market is estimated to be 60-times larger than the country’s exchange market.
According to Reuters report, the foreign banks will still have to register with the country’s central bank, People’s Bank of China, before they can start operations.
Other international players including UBS Securities and Goldman Sachs Gao Hua Securities already underwrite bonds in China.
