China has picked Saudi Arabia as the venue for its first sale of US dollar sovereign bonds in three years, underlining its backing for the oil-rich kingdom’s bid to become an investment hub.
China’s State Council, or cabinet, approved the issuance of up to $2bn in dollar debt in Riyadh next week, the country’s finance ministry said on Tuesday, with details to be announced later.
Beijing has traditionally issued US dollar bonds in Hong Kong. The choice of Saudi Arabia for this new issuance is symbolic of the deepening financial ties between the two countries.
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