SHANGHAI Feb 14 China's state planning agency
said on Tuesday it had selected the first batch of 11 companies
in a pilot scheme for 2017 that will allow them to issue
foreign-currency bonds more flexibly, and efficiently.
Last year, the National Development and Reform Commission
(NDRC) picked 21 companies for the scheme, as the government
encouraged state firms to issue dollar bonds, and convert the
proceeds into yuan to bolster the Chinese currency.
Kicking off the scheme for 2017, NDRC said it selected seven
state banks, three non-banking financial institutions, and
Huawei Technologies Co, giving them freedom to choose
the timing and frequency of forex bond issuance, as long as they
do not exceed the annual cap for foreign debt.
Previously, companies needed NDRC approval before they could
sell bonds overseas.
The companies selected include China's top five state
lenders, China Life Insurance Co and China Huarong
Asset Management Co.
(Reporting by Samuel Shen and John Ruwitch; Editing by