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China to Launch New Short-term Financing Tool

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By the end of this year, China may allow companies to issue short-term financing bills with a maturity between seven to 270 days, the Shanghai Securities Journal reported Friday.

According to the report, the proposed finance tool — known as ultra short-term financing bills — would first be issued by central enterprises like China Mobile and China National Petroleum Corporation as a pilot program.

Previous media reports revealed that the rule for the product had already been drafted.

The current short-term financing bills have maturity periods of three months to one year. The new product will enrich the money market instruments.

( December 4, 2010)

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