BRICS bank to issue yuan, local currency bonds

Tuesday, 14 June 2016 00:01 - - {{hitsCtrl.values.hits}}

Shanghai (Reuters): The New Development Bank (NDB), established by the BRICS group of emerging nations, plans to issue its first bond as a yuan denominated issue in China, a vice director of the bank said Monday.

The bank will also issue bonds in other member currencies in order to mitigate the foreign currency risk of funded infrastructure projects and help develop local currency fund- raising markets, the official said, speaking at the Lujiazui Forum in Shanghai.

The BRICS – Brazil, Russia, India, China and South Africa – officially grouped together in 2009 to press for a bigger say in the global financial matters, and the NDB, headquartered in Shanghai, started work last year.