BOC issues RMB bonds in Taiwan

Bank of China (BOC) issued RMB bonds worth two billion yuan (324 million U.S. dollars) in Taiwan on Friday.

This is the first time such bonds have been issued in Taiwan by a commercial bank based in the Chinese mainland, BOC said in a statement on its website.

The bonds include three types maturing in two years, five years, and seven years, with interest rates of 3.25 percent, 3.75 percent and 4 percent, respectively.

The statement said that the issuance will help develop the RMB market in Taiwan, and facilitate economic and trade relations across the Taiwan Strait.

The bond issuance was undertaken by BOC's Taipei branch, which was founded in June 2012 and is the authorized clearing bank for yuan business in Taiwan.