Issues expected to draw many investors as the currency gains

Bank of Communications Ltd and Agricultural Bank of China Ltd both have applied to issue renminbi-denominated bonds in Taiwan, financial authorities for the island said on Wednesday.

BOCOM and ABC could become the first banks from the Chinese mainland to issue renminbi-denominated bonds - also known as "Formosa bonds", and the equivalent of Hong Kong's Dim Sum bonds - in Taiwan, as early as this week.