OCBC launches RMB200mn offshore certificate of deposit

The issue was fully taken up within the day of its launch, said OCBC.

According to OCBC, the certificate is targeted at institutional investors.

Mr George Lee, OCBC Bank’s Head of Group Investment Banking believes that the Renminbi has potential to become a global reserve currency. “As demand for Renminbi financing and investment options continues to grow, we expect to see a greater array of products in the market to meet investor appetite,” he explained.

The present three-year certificate of deposit bears an annual interest rate of 1.10% which is payable semi-annually. The deposits, which were offered in denominations of RMB1 million, will be issued on 28 Mar 2011 and mature on 28 March 2014.