The SDR is a reserve currency administered by the International Monetary Fund. The value of SDRs is based on the US dollar, the euro, the pound, the yen and, starting next month, China's yuan.

The bonds' total value is to be 500 million SDRs, or nearly 700 million dollars. They are to be traded in yuan on the Chinese interbank market.

A group jointly set up by financial institutions in China and foreign banks including Japan's Tokyo-Mitsubishi UFJ, is to handle the bonds.
By issuing the bonds, the World Bank hopes to offer more means to secure funds, and urge China to integrate into the global financial system.

An NHK reporter says China is keen to show its willingness to work toward financial reform, as the country is to host its first G20 summit next Sunday in Hangzhou.

“From the viewpoint of economic sense and logic, then it would be correct to find some sort of compromise. I am confident that everyone understands that. We believe that this is the right decision for world energy,” Putin said in the interview.

Talks on a production freeze between Russia and OPEC collapsed in April, after Saudi Arabia demanded that their economic and political rival Iran be part of the deal. However, Russia is still seeing the production cap as possible.

“I would very much like to hope that every participant of this market that’s interested in maintaining stable and fair global energy prices will in the end make the necessary decision,” said Putin. Prince bin Salman “is a very reliable partner with whom you can reach agreements, and can be certain that those agreements will be honored,” he added.

Putin is meeting Saudi Deputy Crown Prince Mohammed bin Salman at the G20 summit in China next week.

“Our Saudi partners at the last moment changed their view. We didn’t reject the idea of freezing output. Our position hasn’t changed,” said the Russian President.

According to Putin, Iran has a right to return its oil market share after the sanctions against its energy sector were lifted.

“Iran is starting from a very low position, connected with the well-known sanctions in relation to this country. It would be unfair to leave it on this sanctioned level,” he said.

In April, Tehran categorically refused to cut production, aiming to return to its pre-sanction output level of 4 million barrels per day. Recent data from Iran has shown the Islamic Republic is approaching the goal, and has softened its stance on the possible output freeze deal with Russia and Saudi Arabia.

Analysts from Commerzbank and Citi have warned that the output cap rather than a production cut wouldn’t make any significant difference to the market suffering from oversupply. Saudi Energy Minister Khalid Al-Falih said last week the freeze would be "positive", but no “intervention of significance” is needed, as the market is rebalancing by itself.

While the era of low oil prices continues, Russia is still heavily dependent on crude exports. Moscow has been trying to diversify the economy by putting more effort into agriculture and other non-energy sectors.

On Friday, Brent crude was trading at $45.71 per barrel while US benchmark WTI was at $43.36.

The event aims to support the trilateral trade partnership, humanitarian exchange, cultural tourism and cross-border regional economic cooperation. Along with the official high-level meeting, side events and conferences will be held on the cross-border logistics, electronic trades, tourism, culture and education and cooperation in banking finance innovation.

In the economic forum, Mongolia will be represented by delegates from some 40 companies, while 270 entities are taking part I the exhibition. The previous year’s theme was “Promoting Silk Road Economy and Establishing Economic Corridor”.

Russia and China are the main trade partners for Mongolia. The country has made exports worth USD 2.5 billion, of which 1.2 percent went to Russia and 85 percent to China, as of the end of July. As of the imports (USD 1.8 billion), Mongolia imported 24.5 percent from Russia and 33 percent from China, according to the National Statistics Office.