WB issues first bond based on yuan

Last month,China said its second yuan-denominated bond issue in Hong Kong had initially raised five billion yuan,with plans for another three billion yuan to be sold. The move followed Beijings first yuan-denominated bond issue in Hong Kong in September last year,worth about six billion yuan.

It also comes after Caterpillar and McDonalds each issued yuan-denominated bonds in Hong Kong,the first such sales by non-financial foreign firms in the city. The semi-autonomous Chinese territory is acting as a test bed for the internationalisation of Chinas currency.