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Economy

SDR bonds are China's next step to take yuan global

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Shanghai's financial district   © Reuters

SHANGHAI -- With the yuan set to enter the Special Drawing Rights currency basket in October, China looks to create a market for SDR-denominated bonds as a step toward internationalizing the country's currency.

The government-linked China Development Bank as early as this month will issue $300 million to $800 million in notes denominated in the International Monetary Fund's reserve currency, with maturities of around six months. This will mark the first float of SDR-denominated bonds by an individual financial institution.

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