Russia has sold its first bonds denominated in Chinese renminbi, raising almost $3bn as it seeks to fund its invasion of Ukraine and deepen its financial ties with Beijing.
Russia’s finance ministry said it had issued Rmb20bn ($2.8bn) of government bonds in the Chinese currency, opening a route for Moscow to tap China’s low interest rates for domestic funding. The ministry sold Rmb12bn in bonds maturing in 2029 at a yield of 6 per cent and Rmb8bn in bonds maturing in 2033 yielding 7 per cent.
“We have succeeded in creating a liquid sovereign benchmark that will serve as a pricing guide for corporate borrowers and will contribute to the deepening of bilateral co-operation between Russia and China in the financial sector,” said Anton Siluanov, Russia’s finance minister.