Automaker Ford plans to raise as much as US$1 billion from the sale of yuan-denominated bonds in what would be the first local currency bond sale by a foreign multinational, the South China Morning Post reported. Sources said the US company, which has a joint venture with China's Changan Automobile, was waiting for government approval. Beijing is said to be keen to broaden its investment and issuer base but has reservations about allowing foreign participation as well as altering legal and tax structures to make it happen. Ford announced last month that it would spend US$1 billion expanding its production facilities in China. So far, the Asian Development Bank and the International Finance Corp are the only foreign parties to have been allowed entry to the "panda bond" market, raising US$270 million last year.