China Encourages Russia to Issue CNY-Denominated Sovereign 'Panda' Bonds in Due Course
Yicai Global
/SOURCE : Yicai
China Encourages Russia to Issue CNY-Denominated Sovereign 'Panda' Bonds in Due Course

(Yicai Global) June 19 -- China encourages and supports Russia to issue CNY-denominated sovereign bonds at the appropriate time, Moscow was told during the 7th China-Russia Finance Ministers' Dialogue held in Shanghai today and jointly presided over by China's finance minister Xiao Jie and Russian finance minister Antonio Silouanov. 

Russia postponed issuance of CNY-denominated bonds in China at the last minute, revealed Sergei Storchak, deputy finance minister of Russia, in an interview with Reuters news agency earlier this month. The country currently has no plan to issue Russian bonds in the form of Panda bonds as demanded by China.

Panda bond is a kind of CNY-denominated bonds that are issued by an overseas institution in China and are classified as foreign bonds along with "Samurai bonds" of Japan and "Yankee bonds" of the United States. 

A press release issued today by the ministry of finance shows that during the dialogue, the two sides held in-depth discussions on macroeconomic situation in both countries, policies and structural reforms, as well as multilateral and bilateral financial cooperation, and reached a consensus on a number of issues. 

China and Russia held in-depth exchange of views on the CNY-denominated sovereign bonds cooperation, and China encouraged and supports Russia to issue the CNY-denominated sovereign bonds at the appropriate time, it said.

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Keywords: Panda Bond , RUSSIA , Money Market , Domestic Debt , Issuance , Bonds , Finance , Dialogue