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China On Course to Sell Record Yuan Sovereign Debt Offshore
China is on track to sell a record amount of yuan-denominated sovereign bonds overseas this year, in a move that will help authorities support a weakening currency and boost its global popularity in the long run. The country’s Ministry of Finance will issue 26 billion yuan ($3.6 billion) of such debt in Hong Kong in the current quarter, starting with a first batch of 16 billion yuan on Oct. 25, it said in a statement Wednesday. That will take the annual tally to 55 billion yuan, the most since China issued its first offshore yuan sovereign note in 2009, Bloomberg calculations of official data show. An increase in ... (full story)