Currencies
Hong Kong Makes Good on Yuan Globalization Pledge With Bond Sale
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Authorities in Hong Kong are following through on a pledge to bolster the city’s role as an offshore yuan trading hub via a rare issuance of bonds denominated in the Chinese currency.
The city sold 1 billion yuan ($140 million) of debt maturing in three years under its Infrastructure Bond Programme, according to a statement on the government’s website on Thursday. The offering marks the authorities’ latest effort to enhance offshore yuan liquidity amid a push to encourage a broader usage of the currency.