Bank of Tokyo-Mitsubishi UFJ Ltd.'s China unit said Monday it plans to issue 1 billion yuan ($146.5 million) worth of bonds on China's interbank bond market Thursday, the first yuan-denominated bond sale in mainland China by a foreign commercial bank.China continues make progress on its long-term goals for the currency.
The issue marks an important step forward in China's efforts to gradually transform the tightly controlled yuan into a major global currency by boosting its use for international trade settlement and encouraging foreign firms to raise funds in the currency for their operations in the country.
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