CRI听力:Shanghai to issue municipal bonds in its free trade zone

The Shanghai city government is planning to issue up to 3 billion yuan, or 450 million U.S. dollars of municipal debt in its free trade zone.

The launch of the offering will also mark the opening of an offshore renminbi bond market in the free trade zone (FTZ).

The bonds have a three-year maturity.

It's expected to be on the market by the end of November.

The free trade zone bond market offers foreign investors the option to open settlement accounts via an international or domestic central securities depository.

This frees them from having to deal with Chinese clearing houses, as is the case for foreigners investing in regular onshore bonds outside the free trade zone.

For more on this, CRI's Bob Jones spoke earlier with John Ross, senior fellow of Chongyang Institute for Financial Studies, Renmin University.