China is planning to sell dollar-denominated bonds for the first time in a decade, as it seeks to take advantage of investor appetite for Chinese credit amid the country’s unexpectedly strong economic growth.
Though the final terms are not yet decided, Beijing is expected to raise up to $2bn, most likely in 10-year notes, according to bankers with knowledge of the thinking. No banks have yet been mandated to carry out the offering, which is expected to be completed in the coming two weeks.
The deal is largely symbolic given that China plans to raise Rmb2tn ($306bn) in total through bond sales this year. Moreover, with $3.1tn in foreign exchange reserves against only $148bn in foreign debt, Beijing has little need for foreign exchange.
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