Banking

First offshore RMB CD issued in Macao

(Xinhua)
Updated: 2011-01-25 11:09

MACAO - Macao Branch of BOC (Bank of China) announced Monday the issuance of the inaugural offshore renminbi Certificate of Deposit (RMB CD), the first of its kind in Macao, totaling to 1 billion yuan ($151 million).

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The issue size of the first phase amounts to 500 million yuan to retailer, carrying a coupon of 2.38 percent for the two-year term, and 2.58 percent for the three-year term. The least buying of the product is 200,000 yuan.

The issuance is to support the development of the robust growth in Macao's RMB businesses and will enhance the bank's RMB working capital for trade finance and optimize its RMB asset and liability position, according to the Macao Branch of BOC.