Baosteel, the state-owned Chinese steelmaker, has won approval to issue Rmb6.5bn ($1bn) worth of renminbi-denominated bonds in Hong Kong in a landmark deal for the nascent offshore market in
Chinese currency debt.
Baosteel will be the first Chinese company other than a bank to sell renminbi bonds directly to international investors. Previously, only foreign companies and the offshore incorporated subsidiaries of Chinese groups have been allowed to do such deals.
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