World Bank plans first yuan bonds in China

The World Bank plans to issue yuan-denominated bonds to raise funds for development projects in China, the Japanese daily, Yomiuri Shimbun said Sunday.
The Bank has already begun talks with the government and the People's Bank of China with an aim to start issuing the bonds by December, the newspaper said.
If the plan is carried out, the World Bank will be the first international financial institution to issue such bonds in China, it said.
Beijing has previously allowed neither international financial institutions nor foreign banks to issue yuan-denominated bonds in the country, the daily said.
The Washington-based global financial body is considering raising funds in China for spending on development projects, it said.
Under the plan, the yuan-based bonds will be issued through the International Finance Corporation, an arm of the World Bank that promotes private sector investment in developing countries, it said.