As many as nine banks regarded as systemically important and of huge market influence are tipped to be granted approval to issue negotiable certificates of deposit (NCD), the Securities Times reported Thursday. The nine banks are: Industrial and Commercial Bank of China Ltd. (601398.CN, 01398.HK), Agricultural Bank of China Ltd. (601288.CN, 01288.HK), Bank of China Ltd. (601988.CN, 03988.HK), China Construction Bank Corp. (601939.CN, 00939.HK), Bank of Communications Co. Ltd. (601328.CN, 03328.HK), China Merchants Bank Co., Ltd. (03968.HK, 600036.CN), China CITIC Bank Corporation Ltd. (0998.HK, 601998.CN), Industrial Bank Co., Ltd. (601166.CN) and Shanghai Pudong Development Bank Co. Ltd. (600000.CN). According to sources close to the authorities, the NCDs will be offered on the interbank market and priced at the Shanghai interbank offered rate. Corporations and individual customers could be next in line to be offered the NCDs, the report said.
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