2010-05-17

Yuan continues on path to convertibility

MUFG Plans Yuan Bonds in a First
Bank of Tokyo-Mitsubishi UFJ Ltd.'s China unit said Monday it plans to issue 1 billion yuan ($146.5 million) worth of bonds on China's interbank bond market Thursday, the first yuan-denominated bond sale in mainland China by a foreign commercial bank.

The issue marks an important step forward in China's efforts to gradually transform the tightly controlled yuan into a major global currency by boosting its use for international trade settlement and encouraging foreign firms to raise funds in the currency for their operations in the country.
China continues make progress on its long-term goals for the currency.

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