International Development Agency RMB Bond Issuing Regulations Amended

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Oct. 14 – The People’s Bank of China, the Ministry of Finance, the National Development and Reform Commission and the China Securities Regulatory Commission recently revised regulations on the administration of RMB bonds issued by international development agencies.

According to the revised regulatory document, international development agencies that issue RMB bonds within China must first apply to the competent government bodies, including the Ministry of Finance. The government bodies will review the application in conjunction with the People’s Bank of China, the NDRC, the CSRC and the State Administration of Foreign Exchange.

Approved applications will then need to be submitted to the State Council for confirmation.

The revised regulations require that the issuance of RMB bonds by an international development agency be subject to legal certification and legal opinions by a registered practicing attorney of law according to the Law of the People’s Republic of China on Lawyers.

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