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Business/Finance See other Business/Finance Articles Title: Russia plans to float renminbi bonds in 2016 Want... Russia reportedly plans to float renminbi-denominated bonds in 2016, with the aim of boosting the share of such bonds in its bond market to 20% within five years, according to Shanghai's China Business News. The news, if confirmed, marks another stride in the internationalization of the renminbi, in the wake of the issuance of renminbi-denominated bonds in the UK in October 2014. Analysts said that the renminbi bond plan is significant for China's "Belt and Road" project, currently being touted by the Chinese government, as it embodies an option for fundraising for major infrastructural facilities envisioned by the project, especially in view of the status of Russia as a key nation along the route of the project. Alexey Moiseey, Russia's vice finance minister, stated that the renminbi-bond plan is also based on Russia's expectation of the inclusion of the renminbi into the basket of currencies for the special drawing rights (SDRs), which will facilitate the issuance of such bonds. "Receptiveness of renminbi-denominated bonds will be greatly enhanced among foreign investors, along with the opening up of the capital market, the accelerated internationalization of the renminbi and the expected inclusion of the renminbi in the basket of currencies of SDRs," said Liu Dongliang, senior analyst at the financial-market department at the headquarters of China Merchants Bank, according to the paper. Russia's renminbi bond plan has been inspired by the success of the aforementioned UK plan, which succeeded in raising 3 billion yuan (US$483 million) in funds. Post Comment Private Reply Ignore Thread
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