August 15, 2019 / 5:42 AM / 7 days ago

Shanghai Commercial Paper Exchange unveils standardised notes for liquidity support

SHANGHAI, Aug 15 (Reuters) - The Shanghai Commercial Paper Exchange said on Thursday it had established standardised notes to improve liquidity support for small- and medium-sized financial institutions.

The first such notes to be issued, in an amount not exceeding 500 million yuan ($71.2 million), are backed by discounted commercial paper accepted by China’s Bank of Jinzhou, the exchange said in a statement.

The exchange said the yield of the notes, with three-month tenors, would use the yield of negotiable certificates of deposit issued by Bank of Jinzhou as a reference, and would be in a range of 4.55% to 5.35%.

The exchange is overseen by China’s central bank. ($1 = 7.0276 Chinese yuan) (Reporting by Andrew Galbraith; editing by Gopakumar Warrier)

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