China To Sell First Yuan Sovereign Bonds In Canada As Beijing Pushes Dollar Alternative

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China To Sell First Yuan Sovereign Bonds In Canada As Beijing Pushes Dollar Alternative Authored by Matthew Horwood via The Epoch Times,China plans to issue its first…

China plans to issue its first yuan-denominated sovereign bonds in Canada this week, as Chinese Vice Premier He Lifeng visits the country for talks aimed at establishing closer ties.

China's Ministry of Finance announced that it will issue up to 4 billion yuan (CA$846 million) in sovereign green bonds in Canada beginning Nov. 9. The green bond proceeds are meant for projects beneficial to the environment.

China's state-run Global Times said the move marks "another step in expanding the Chinese currency's international reach" and creating an alternative to the U.S. dollar in trade. Beijing has been seeking to reduce reliance on the U.S. dollar and promote the use of its own currency in international trade, including through BRICS, an international grouping it co-founded with countries including Brazil, Russia, and India

The announcement coincided with the second Canada - China Economic and Financial Strategic Dialogue in Vancouver on Nov. 8 and 9. Finance Minister François-Philippe Champagne told reporters that this would be "one of the largest" issuances of Chinese sovereign bonds.

Champagne said that the issuance is a "sign of confidence in Canadian financial markets," and that the two countries can work together on developing green economies.

International Trade Minister Maninder Sidhu, who was also at the meeting in Vancouver, said in a statement that the two countries met to "explore new opportunities to expand trade and investment." The announcements come as Prime Minister Mark Carney is set to travel to China for the APEC Economic Leaders' Meeting from Nov. 18 to 19.

According to a readout from the Finance Department, Ottawa and Beijing agreed to enhance financial sector cooperation, deepen cooperation under "multilateral mechanisms" like the G20, and support "multilateralism and a transparent and predictable environment for trade and investment."

Dennis Molinaro, an author and former Canadian government national security analyst, said that announcement means the…

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