The Polish government on Thursday issued 3 billion yuan (about 450 million U.S. dollars) worth of panda bonds in China, the first European country to sell such bonds, China's central bank said.
The three-year yuan-denominated bonds, priced to yield 3.4 percent each year, have been heavily oversubscribed, the People's Bank of China (PBOC) said in a statement.
Panda bonds are yuan-denominated debt sold by foreign countries and overseas agencies in China. Analysts expect the market to expand as China pushes internationalization of its currency. As far, 39.1 billion yuan of panda bonds have been sold by 17 countries and overseas organizations.
The PBOC said the Poland's bonds will strengthen financial cooperation and improve economic ties between the two sides, as well as help the opening up of China's bond market.
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