The International Finance Corp. (IFC), a member of the World Bank Group, will issue yuan-denominated bonds worth 1 billion yuan ($165 million) in London in March.
As IFC Vice President Hua Jingdong said, the move is aimed at increasing foreign investment in China.
It indicates a strong demand from international investors for offshore yuan-denominated bonds, and will serve as an alternative source of renminbi funding for investment in China, he said.
China has been trying to introduce the yuan into the global market in an unprecedented fashion. It began to push the currency through cross-border trade settlement in June 2009.
Since that year, China has promoted the internationalization of the yuan by facilitating international trade and investment denominated and settled in renminbi, encouraging offshore yuan service centers to develop offshore yuan-denominated financial products, and encouraging central banks to hold the currency as part of their foreign exchange reserves. |