China to Issue Sovereign Bonds in Canada
Announcement comes as Chinese vice premier visits Canada
TL;DR
- China will issue its first yuan-denominated sovereign bonds in Canada this week.
- The issuance will be up to 4 billion yuan (CA$846 million) in sovereign green bonds.
- The move aims to expand the international reach of the Chinese currency.
- China seeks to create an alternative to the U.S. dollar in trade.
- Proceeds from the green bonds will fund environmentally beneficial projects.
- Chinese Vice Premier He Lifeng is visiting Canada for talks on closer ties.