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What is renminbi-denominated bonds?

June 28, 2011


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The Renminbi is the official currency of the People's Republic of China. Its name means "people's currency". Renminbi is legal tender in mainland China, but not in Hong Kong or Macau.

Renminbi denominated bonds are issued in this currency. Examples for these kinds of bonds include government bonds issued by China in its own currency or corporate bonds issued by foreign companies such as McDonald's or Caterpillar through Chinese banks.

As China has taken a number of steps to liberalize currency restrictions, greater use of the renminbi in international financial transactions is encouraged, renminbi-denominated bonds are likely to be issued more often in the future.

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