December 10, 2013 / 5:16 AM / in 4 years

REFILE-Two Chinese banks plan to sell more yuan bonds in Taiwan in 2014

(Refiles to fix dateline)

TAIPEI, Dec 10 (Reuters) - China’s Bank of Communications (BoComm) and Agricultural Bank of China (AGB) plan to sell more yuan bonds in Taiwan next year, the banks said on Tuesday, a move that could give a boost to Taiwan’s new offshore yuan hub.

The two banks as well as Bank of China and China Construction Bank have already issued bonds worth 6.7 billion yuan this year, making up two-thirds of the 10 billion target set by Taiwan regulators for 2013.

Separately, Deutsche Bank and five local companies have also sold a combined 3.9 billion yuan of these bonds, known as “Formosa bonds.”

“We definitely plan to issue more bonds here... The size would depend on the market situation,” said Zhang Wei zhong, Hong Kong-based general manager of BoComm.

He was in Taipei for the listing of its first Formosa bond and those of the three banks.

Taiwan and China signed a yuan clearing deal earlier this year. So far the yuan deposits in Taiwan have reached more than 120 billion yuan.

Reporting by Faith Hung, Roger Tung and Lin Miao-jund; Editing by Shri Navaratnam

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