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World Bank issues SDR bonds in China www.nhk.or.jp
The World Bank has issued landmark bonds denominated in so-called special drawing rights, or SDR, for the first time in China. The move is aimed at pushing the country's financial markets toward greater openness.
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.
Published Date:2016-09-02
