Hong Kong to list first Shanghai free-trade zone bond to defend yuan hub status

Hong Kong is set to welcome its first Shanghai free-trade zone offshore bond, using the landmark listing to defend its status as the world’s pre-eminent offshore yuan hub, amid mounting competition from its mainland rival. Hong Kong Exchanges and Clearing announced on Thursday that Shanghai Electric Global Capital – a financing arm of power and industrial equipment manufacturer Shanghai Electric – would list a 1.5 billion yuan (US$222.4 million) green free-trade zone bond on August 20. The...