BMW (BMW.ETR) on Thursday said it had made its first asset-backed debt issue worth RMB800 million (US$129 million) in China, Reuters reported. The landmark deal allows the German auto maker to tap China’s domestic capital market. As part of a broader reform push, Beijing is easing restrictions on the flow of investment funds into and out of the country and is slowly opening up the yuan-denominated domestic market to outside players. Chinese and foreign firms have previously issued yuan-denominated “dim sum” bonds in Hong Kong in recent years, which, unlike domestic bonds, are not subject to approval by Chinese regulators.
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