McDonald's sells renminbi take-away

China's currency takes a further step towards internationalisation with the first renminbi-denominated bond issued by a multi-national company in Hong Kong.

As signals go, how could it be bettered It’s hard to see how China could choose a more appropriate and iconic borrower to pave the way for further internationalisation of its currency.

Yesterday, McDonald's Corporation the fast-food and burger joint -- became the first multi-national non-financial corporate to issue a renminbi-denominated bond in Hong Kong. The Rmb200 million $29.5 million deal, although small, promises to open up a new funding venue for international companies to raise working capital for their China operations.

It is one further step towards the internationalisation of China’s currency, the renminbi, despite the continued maintenance of strict currency controls on the country’s capital account.

While many investors and commentators...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222