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August 13, 2016

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World Bank unit to issue bonds in SDR

CHINA’S central bank said yesterday it had allowed a division of the World Bank to issue bonds denominated in special drawing rights in the country’s interbank bond market.

The International Bank for Reconstruction and Development was approved to issue bonds worth 2 billion SDR (US$2.79 billion), according to the People's Bank of China website. The yuan will be the currency of settlement.

The first batch will be put on the market “soon.” Interbank debt denominated in SDRs will diversify investment portfolios both in China and abroad.

The inclusion of yuan in the SDR will take effect in October.

The Industrial and Commercial Bank of China, the country's largest bank by market value, will be the lead underwriter for the issue.


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