Hopewell Highway Infrastructure is set to become the first company to sell bonds denominated in renminbi to international investors. The Hong Kong-based toll road company will start marketing the bonds today and will use the proceeds to help finance the construction of a project in China's Pearl River delta region.
The deal marks another important step in China's internationalisation of its currency and was made possible after Chinese regulators relaxed the rules on cross-border renminbi flows on June 17.
Hopewell Highway has moved quickly to be the first to market corporate renminbi bonds and said yesterday that the funds will be used to finance the third phase of its Western Delta Route, a highway project...
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