China to let foreign agencies sell yuan bonds

China will allow global agencies such as the World Bank to sell yuan-denominated bonds for the first time, the People's Bank of China said in a statement on its website.

The move will promote the use of local currency by overseas investors and broaden the nation's debt market.

Foreign development institutions that have provided loans or capital of more than $1 billion for projects or companies in China will be eligible for approval, according to the rules published by the central bank.

The World