Australia’s largest state by GDP is set to issue Australia's first-ever renminbi government bond, potential raising as much as Rmb1 billion $167 million.
New South Wales Treasury Corporation TCorp plans to launch the one-year bond on Wednesday in order to diversify its funding and help the state capital Sydney evolve as an offshore trading hub for the Chinese currency.
“TCorp has seen strong levels of investment from the Asian region in our Australian dollar bonds and issuance in renminbi bonds will provide an opportunity to expand and diversify this investor base,” said Steve Knight, TCorp’s chief executive.
The move follows recent announcements...
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