Agricultural Bank eyes RMB bonds issuance in Taiwan

The Agricultural Bank of China, one of China's leading lenders, said Wednesday that it has applied for approval from Taiwan's GreTai Securities Market to issue its first batch of RMB bonds, also called baodao bonds, in Taiwan.

The bank has started the application after Taiwan's financial authorities on Wednesday officially approved issuance of RMB bonds in Taiwan by banks based in the mainland.

With the Chinese RMB currency expanding its global reach and expected to appreciate, the issuance is expected to be attractive to investors, a bank spokesman said.

The spokesman also said that the issuance will play a positive role in invigorating RMB-denominated investment and diversifying RMB-denominated products in Taiwan.