The People’s Bank of China (PBOC) gave approval to 93 banks, including three foreign lenders, to issue large-denomination certificates of deposit (CDs) to individuals and companies. The move brings the total number of institutions allowed to issue the certificates to 102. HSBC is among the foreign lenders on the list. The move will allow more banks to participate in the pricing of China’s financial products and promote the country’s interest rate reforms. On June 15, nine banks, including the Big Four state-owned lenders, started to issue the country’s first batch of large-scale CDs after the central bank allowed its trading on June 2. Most of the CDs in the first batch had terms of one year or shorter. The subscription threshold for an individual is CNY300,000, while the minimum for an institution is CNY10 million.