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.
