Foreign agencies can issue renminbi bonds

Beijing released tentative rules allowing foreign interests to issue renminbi bonds in China, state media reported. The move is seen as an effort to promote the convertibility of the yuan by leveraging the financial muscles of global institutions in developing the domestic bond market. Institutions that have more than US$1bn in loans and equity investment in China and an AA upward renminbi bond credit rating are qualified to issue renminbi bonds but must use the proceeds in China.