World Economy

WB Plans SDR Bonds in China

WB Plans SDR Bonds in ChinaWB Plans SDR Bonds in China

The World Bank is planning to sell bonds in China denominated in the International Monetary Fund’s Special Drawing Rights, people familiar with the matter said, Bloomberg reported. The offering would be in China’s interbank note market, according to the people, who asked not to be identified. Issuance of the securities may be as soon as next month, one of the people said. They would be the first in SDR from the lender. President Xi Jinping’s efforts to promote the yuan’s international usage culminated last year when the IMF added it to its benchmark basket of reserve currencies, making it part of the SDR effective October 1, 2016.