November 15, 2018 / 7:15 AM / 7 months ago

China central bank says will develop OTC business for local government bonds

FILE PHOTO: A man walks past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo

SHANGHAI (Reuters) - China’s central bank is planning to develop an over-the-counter (OTC) business for local government bonds in the interbank market, in what it said was a move to encourage the market’s development and meet investor demand.

In a notice posted on its website on Thursday, the People’s Bank of China (PBOC) said it would encourage local government bonds to target purchase and trade by local investors.

Reporting by Andrew Galbraith; Editing by Shri Navaratnam

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