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China to Issue First Dollar Bond Since 2004

Benchmark sale aims to reduce borrowing costs for China’s state-owned enterprises.

China is moving forward with plans to issue its first sovereign bonds in dollars since 2004 in a deal that will put a symbolic seal of approval on the booming offshore Asian debt market.

The Ministry of Finance was scheduled to meet with bankers in Beijing Wednesday to discuss the sale, according to people familiar with the plans. The deal is aimed for as soon as this month, according to the people, who asked not to be named as the specifics aren’t public. The MOF said in a statement it will sell $2 billion worth of notes.

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