Poland became the first European country to issue renminbi-denominated debt in China on Thursday, raising Rmb3 billion $451 million through the sale of three-year notes.
The landmark tapping of China's $7.5 trillion onshore market follows Chinese President Xi Jinping's state visit to Warsaw in June, part of a wider effort by Beijing to bolster its trade relationships with Europe and increase Chinese involvement in infrastructure projects.
After a two-day marketing campaign in Beijing and Shanghai, Poland gave out an initial guidance of 3.2% to 3.7%, drawing close to Rmb6 billion of orders from both overseas and domestic investors, two people familiar with the deal said....
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