Pakistan will issue yuan-denominated “panda bonds” as early as June to further integrate its capital markets with China’s, a move that will help Beijing in its push to expand the use of the currency, the South Asian country’s finance minister said.
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In an exclusive interview with the Post on Sunday, Muhammad Aurangzeb also pledged more cooperation with Beijing on the next phase of the China–Pakistan Economic Corridor (CPEC) – a key initiative for boosting bilateral trade and investment.
He also called for more participation from China’s private sector and export-led industries to transform Pakistan’s debt-laden economy.
Aurangzeb said Pakistan aimed to raise US$200 million to US$250 million from Chinese investors, adding that it was “absolutely critical” for the nation to diversify its funding base.
The minister is in Hong Kong for the two-day Asian Financial Forum, which began on Monday.
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“Since I took over [in March 2024], I have been very vocal about this – that we want to go for panda bonds, an inaugural sovereign panda bond … I’m pushing everyone, including our own teams, to see if we can get this done before June,” Aurangzeb said.