Indonesia is considering issuing its first “panda bonds” next year, as China works to expand the renminbi’s role in international finance and steps up de-dollarisation efforts.
The Indonesian finance ministry is still discussing the terms of the renminbi-denominated debt sale, according to two people familiar with the matter.
Indonesia’s interest in panda bonds — renminbi borrowing by overseas issuers in mainland Chinese markets — comes as Beijing promotes the use of its currency in international trade and financing to gain global influence and to reduce dependence on the dollar.
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