ICBC Markets Record Offshore Yuan Bond Sale Amid FX Push
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Industrial & Commercial Bank of China Ltd. is marketing the largest sale of offshore yuan bonds as China pushes for the wider use of its currency as an alternative to the dollar in business and finance.
The nation’s biggest lender by market value is offering about 12 billion yuan ($1.95 billion) of perpetual notes, people familiar with the matter said today. It’s one part of a three-part $5.7 billion sale. China’s government sold an 8.4 billion yuan Dim Sum bond in May, Bloomberg-compiled data show.