Three big banks- Citigroup Inc, HSBC Holdings Plc and CIMB Group Holdings Bhd, have announced that they will be investing in yuan bonds. This decision comes after China decided to open up its inter bank debt market.

The Shanghai-based CEO of Citigroup, Andrew Au said that the Chinese unit of the US bank is now in the process of making papers that are required to invest in the market from outside.

HSBC and CIMB are in the process of studying the whole procedure but are also looking forward to have a share in the pie.

This step has been the result of the growth in the Chinese currency after the two-year dollar peg was removed in June 19. This had made China the second-largest economy in the world replacing Japan.

This has made many international players interested in the country and banks are no different.

No comment has come from the country about the queries.

China has taken the step to reduce value of its fully-administered currency against other currencies since it wanted to reduce its dependence on US dollar.