Pakistan eyes Chinese capital markets with panda bond

ISLAMABAD, May 10: Pakistan is expected to access Chinese capital markets for the first time through a yuan-denominated bond next week, Finance Minister Muhammad Aurangzeb said on Saturday.

"God willing, next week you will hear good news that for the first time, we will be accessing Chinese capital markets through Panda bond," he said at a press conference.

The $250 million issue, the first of a planned $1 billion programme, will be backed by the Asian Development Bank and the Asian Infrastructure Investment Bank.

Aurangzeb said Pakistan's economy was showing signs of recovery, including rising exports and remittances, despite the war in Iran and closure of the Strait of Hormuz placing massive strain on the country, which relies heavily on imported fuel and gas.    �"REUTERS