When the World Bank sold its first Rmb-denominated bonds in China in 2005 most people thought it was a largely symbolic gesture and that it would be many years before so-called “Panda bonds” would catch on.
They were right. And McDonald’s Rmb bond issue today doesn’t change that.
Since 2005 the World Bank (through the International Financial Corp, its investment arm), the Asian Development Bank and a couple of international banks have sold or will soon sell a smattering of bonds in China.
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