The move by many in the world to get away from the US Dollar standard continues. Unlike the US and it’s financing arm, the IMF, the Chinese usually demand extra collateral from loans and investments.
The Philippines will release so-called Panda bonds, which are yuan-denominated bonds issued by a non-Chinese entity and sold in China, by November hoping to raise $200 million, the country’s Finance Department said Wednesday in a statement.
“[Finance Secretary Carlos] Dominguez also said the Philippines plans to “test the debt market” in China by issuing renminbi-denominated Panda bonds by around November this year,” the statement read. Read more here.