Minsheng Bank to issue US$20b bondsChina Minsheng Banking Corp – the country’s first private bank – plans to issue RMB20 billion worth of bonds, the Shanghai Securities News reported. The bank is expected to raise RMB8 billion through its three-year flat rate bonds and RMB12 billion through three-year and five-year floating-rate bonds. The bank hopes to increase its capital reservesin order to boost its loan services and hence its interest income and earnings. The bank, which was founded in 1997, hopes to increase its lending to RMB530 billion in 2007. WTO chief in China for trade talksThe director-general of the WTO, Pascal Lamy, is visiting Beijing to resume strained global trade talks, China Economy reported. In an interview prior to his arrival, Lamy said developing countries should contribute to the trade talks in order that they can be concluded in the next six to nine months. Delegations from the US, the EU, India and Brazil will meet in Germany next week to talk about possible compromise solutions to the stalled Doha Round, which kicked off in 2001 to promote international trade between developed and developing economies. The talks were suspended due to disagreements over agricultural subsidies and tariffs. Lamy said WTO member states needed to reach an interim consensus on slashing subsidies and tariffs before further talks could take place.Predicted rate hikes could drive up RMBThe RMB is likely to appreciation faster against major currencies this week due to market speculation of another interest rate rise, the Shanghai Financial News reported. Economists said strong economic indicators in May were likely to persuade the central bank to take measures to rein in the world’s fourth largest economy, while Premier Wen Jiabao implied more tightening initiatives were likely to prevent the economy from overheating. Last Friday, the RMB closed at 7.6246 against the greenback &...