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China to sell up to $1bn in U.S. bonds to ease global financial woes

BYLINE: jenkins,katherine,sullivan,france source Reuters title China to Sell $1.7bn in US Bonds to Improve Global Financials article By LUCAS RIVERA NEW YORK September 30, 2018 06:03:30 – China will sell $1 billion in U and European debt on Tuesday as it seeks to reduce its reliance on the U. S. dollar and boost the yuan as it fights to stabilize the global economy, a senior Chinese official said.

The state-owned China Development Bank, the world’s largest, will issue $1,000 bonds and will offer another $1 million each in the two currencies on Tuesday, the official said, asking not to be named.

The issuance of the bonds will be the first time that the Chinese government has sold its foreign assets outside China since the beginning of the year.

The government has long relied on the dollar as its main currency, but is looking to lower its reliance.

China has already announced the sale of its U.s. government bonds in March and April.