Portugal is the first Eurozone country to issue bonds denominated in Chinese yuan after offering on 29-30 May so-called “Panda Bonds” worth €260 billion, with a three-year maturity.
The yuan-denominated bonds are the first in the European Union. Poland issued government bonds on the Chinese market in 2016, followed by Hungary in 2018. Although Portugal will pay more in higher-yielding yuan-denominated bonds, the Socialist government in Lisbon plans to enter the high-liquidity market.
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