6 Jan 2011

World Bank issues yuan bonds

7:09 am on 6 January 2011

The World Bank has issued its first bond denominated in the Chinese currency.

It wants to raise 500 million yuan ($US76 million) to promote the use of the Chinese currency in international markets.

The Asian Development Bank, McDonald's and Caterpillar already use yuan bonds.

The BBC reports the market in Hong Kong for yuan-denominated bonds started just over three years ago.

In September last year, the Chinese government itself started issuing bonds in its currency, also known as the renminbi, there.