Mitsubishi UFJ Financial Group is set to become the first foreign bank to issue yuan-denominated bonds in China, saying it was planning to issue 1 billion yuan ($147 million) two-year bonds around February. The bank said it had received permission for the issue from the Chinese government on Thursday.
HSBC Holdings and Standard Chartered have also said they are preparing yuan-denominated bond issues in China to help the country develop its local-currency financial markets.