PBoC gives World Bank green light as China’s first SDR bond issuer

world-bank-building
The World Bank building

The People's Bank of China (PBoC) gave the World Bank its approval to issue China's first bonds denominated in special drawing rights (SDRs) on August 12, marking a new step in the opening of Chinese markets.

"This is a landmark development for China's bond market and for the SDR as an international reserve asset," said World Bank president Jim Yong Kim, in a statement. "We are very pleased to support China's growing role in global financial markets."

The two billion SDR issuance ($2.8 billion)

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