13:25 GMT +321 October 2019
Listen Live
    Chinese 100 yuan notes. (File)

    Russia, China Not Ready for Yuan-Denominated Bonds Yet – Official

    © AFP 2019 / Fred DUFOUR
    Business
    Get short URL
    205
    Subscribe

    SOCHI (Sputnik) - Russia is not planning to issue yuan-denominated federal loan bonds (OFZ), since both the Russian and Chinese sides are not ready yet, Russian Deputy Finance Minister Sergey Storchak told Sputnik on Monday.

    "There has not been anything new. We are not ready yet. We are not going to issue Panda bonds. With regard to Chinese investors’ participation [in operations] at Moscow Exchange, they [China] are not ready yet," Storchak said on the sidelines of the Black Sea Trade and Development Bank (BSTDB) business forum in Sochi.

    During the G20 Meeting of Finance Ministers and Central Bank Governors in March, Storchak said that the ministry was considering the possibility of issuing Eurobonds in euro and yuan.

    READ MORE: Chinese Central Bank Drops Yuan Exchange Rate to New 2018 Low

    Back in February, Storchak said that though the possibility of such bonds was being explored, it was unreasonable to issue them amid China's current regulatory policy and restrictions imposed on Chinese investors on foreign markets in a bid to stop the outflow of capital from the country.

    Related:

    Chinese Central Bank Drops Yuan Exchange Rate to New 2018 Low
    Central Bank of China Drops Yuan Exchange Rate to 5-Month Low
    Africa May Shift to Using Yuan as Its Reserve Currency, Here's Why
    Tags:
    bonds, yuan, China, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik