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World Bank to issue SDR bonds in China for first time

  © Imaginechina/AP Images

SHANGHAI -- The World Bank will issue bonds denominated in Special Drawing Rights in Shanghai at the end of August -- marking a status boost for the Chinese yuan.

The float is seen comprising three-year bonds totaling 500 million SDR units. This comes to around $700 million, though the value of the International Monetary Fund's reserve asset varies based on the dollar, euro, yen and pound. Details will be announced as soon as Friday.

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