Aurangzeb says country making progress on Panda bonds: report

Finance Minister Muhammad Aurangzeb on Monday has said that the country is preparing to launch yuan-denominated bonds (panda bonds) this year to shore up its finances, a Bloomberg report confirmed. The country is planning to raise $200 million to $250m from Chinese investors over the next six to nine months, the finance minister told Bloomberg in an interview. Panda bonds are a type of debt security issued by foreign entities in the Chinese capital markets, and they are denominated in Chinese yuan (RMB). In March last year, Aurangzeb had announced that Pakistan was keen to tap Chinese investors by selling as much as $300 million in panda bonds. These bonds allow foreign issuers, including multinational corporations, international financial institutions, and sovereign governments, to access capital from Chinese investors.