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China Trade Zone Tests Yuan Bond Trading

by Lorys Charalambous, Lowtax.net, Cyprus
09 November, 2016

The China (Shanghai) Pilot Free Trade Zone will be the test bed for yuan-denominated bond trading targeting overseas investors this month when the Shanghai city government issues up to CNY3bn (US$442m) of municipal bonds.

Three-year bonds, to be used for debt swaps, will be offered to global investors.

The bonds are intended to expand the cross-border use of yuan while also aiming to unify pricing.

By issuing the yuan bonds in the free trade zone, the authorities hope to link the onshore and offshore bond markets to stabilize the yuan exchange rate and control offshore yuan pricing. The aim is to help build an asset pricing, payment, and settlement center as well as boost the yuan's internationalization.

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