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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    BRICS Bank to issue Yuan bonds in China

    Lobo
    Lobo
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    Join date : 2013-01-12

     BRICS Bank to issue Yuan bonds in China Empty BRICS Bank to issue Yuan bonds in China

    Post by Lobo Wed 15 Jun 2016, 5:01 pm

    June 13, 2016

    BRICS Bank to issue Yuan bonds in China

    The New Development Bank (NDB) founded by the BRICS countries will raise Yuan-denominated funds in China with plans to release bonds in local currencies of its member nations, including the rupee in India, the lender's vice president said on Monday.

    The NDB founded by Brazil, Russia, India, China and South Africa (BRICS) and headquartered in Shanghai, is preparing its first bond issue, which will be in China and denominated in Yuan, its vice president Zhu Xian said at the Lujiazui financial forum in Shanghai.

    Zhu said while the bank will raise dollars and other major currencies, it wants more funds in member's currencies, state-run Xinhua news agency reported.

    The bank's board approved four green energy projects in April, which Zhu claims reflects the bank's commitment to sustainable development.

    Early this month Paolu Nogueira Batista, the bank's vice-president for economic research, strategy and partnerships and chief risk officer said more bonds denominated in local currencies of the BRICS countries, including the rupee in India, will be issued if the bank's board and local authorities endorse the project plans.

    The NDB was established with initial subscribed capital of $50 billion with total paid-in capital of $10 billion.

    The founding members of the NDB have already brought in capital of $1 billion as initial contribution.

    The NDB announced its first batch of loans in April providing $300 million to Brazil, $81 million to China, $250 million to India and $180 million to South Africa.

    Together with the China-backed Asian Infrastructure Investment Bank (AIIB), the NDB is expected to contribute to infrastructure development specially in Asia along with the IMF, World Bank and Asian Development Bank.

    Studies revealed that the Asian region needed over $1 trillion in investment in infrastructure development.
    http://www.thestatesman.com/news/business/brics-bank-to-issue-yuan-bonds-in-china/148189.html?

      Current date/time is Wed 29 May 2024, 1:01 pm