By this access, MCB has been entitled to invest in Chinese bond market from the overseas offices outside of Mainland China, and as a result to diversify its management of RMB funds.
MCB said it is the first Japanese Bank to be granted access to conduct RMB bond investments into China’s interbank bond market from Japan.
With this approval to conduct RMB bond investments as a chance, the Japanese bank is expected to expand and reinforcing the service to its customers.
Until now, investing into China’s interbank bond market from overseas was forbidden, however, in an effort to promote the RMB internationalization, after announcing the appropriate legal provisions on August 2010, The People’s Bank of China has taken the necessary steps to provide foreign banks with approval to invest in China’s interbank bond market starting on December 2010.
