The First Nail To Mark The Beginning To The End Of The Petrodollar
Submitted by IWB, on August 17th, 2016
The World Bank (International Bank for Reconstruction and Development, IBRD) announced today that the People’s Bank of China (PBOC) has approved the World Bank’s inaugural issue in the Chinese domestic market of bonds denominated in Special Drawing Rights (SDRs). The World Bank is the first entity to receive such approval and it marks the launch of the SDR bond market in the world’s second-largest economy.
“This is a landmark development for China’s bond market and for the SDR as an international reserve asset,” said World Bank Group President Jim Yong Kim. “We are very pleased to support China’s growing role in global financial markets. World Bank issuance of SDR bonds in China will support the G-20’s objective of expanding the use of SDRs and help promote the development of China’s domestic capital market. It will also increase Chinese investors’ access to foreign currencies in the domestic bond market, while opening up new opportunities for international investors seeking high-quality investment products in the country.”
zerohedge@zerohedge Aug 14
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Special Drawing Right (SDR)
Dan Popescu@PopescuCo 2h2 hours ago
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