Pakistan Cabinet Approves Issuance Of 'Panda Bonds' In Chinese Currency

Pakistan's cabinet has approved the issuance of first-ever renminbi-denominated 'Panda Bonds' to raise loans from China's capital markets, as the country moved a step forward to give the Chinese currency status at par with the US dollar.
The Finance Ministry did not seek the Cabinet's nod for the size of the bond, but it expects to raise $500 million to $1 billion in various tranches.