China will market renminbi-denominated sovereign bonds to foreign investors for the first time this month, the Financial Times reported. The Ministry of Finance said it would introduce RMB6 billion (US$879 million) worth of bonds in Hong Kong on September 28 in order to boost the international status of the renminbi and help Chinese companies raise funds in the offshore bond market. Analysts said while the amount is not large, the move is a significant step forward for the internationalization of the renminbi. Five state-owned banks including China Construction Bank and the Bank of China have offered renminbi-denominated bonds in Hong Kong since 2007. Earlier this year, HSBC became the first foreign bank to issue renminbi-denominated bonds in the territory.
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