China looks into long-term non-RMB bonds

China will study a long-term mechanism for the non-renminbi sovereign bond issue, said Shi Yaobin, vice-minister of China's Ministry of Finance, during a Friday media briefing in Hong Kong.

His words came after China's sovereign dollar bond received an overwhelming welcome in the city, with demand for the sovereign notes climbing to 11 times the offering size and pricing coming in under initial guidance.

The issuance of sovereign dollar bonds is an important initiative to internationalize the country's financial system in the new era after the 19th National Congress of the Communist Party of China has concluded, Shi said.

"Next step, we will prudently study the arrangement of issuing following non-RMB sovereign bonds," Shi continued. "We will stand firm to boost two-way opening of the capital market, exploring a long term mechanism for non-renminbi bonds issue."

This was China's first sovereign dollar bond issue in 13 years. The five-year bonds paid a coupon of 2.125 percent to yield 2.196 percent, while the 10-year bonds paid a coupon of 2.625 percent to yield 2.687 percent.