Pakistan is set to raise up to $250 million through its first sale of 'panda bonds,' yuan-denominated debt instruments sold in China's onshore market, as part of the Belt and Road Initiative.

Pakistan is poised to become the latest partner in a China-centred trading network, known as the Belt and Road Initiative, to sell “panda bonds”. Islamabad seeks to raise as much as US$250 million through its first-ever sale of the bonds – yuan-denominated debt instruments sold by foreign entities in mainland China’s onshore market – as early as this week. Finance Minister Muhammad Aurangzeb confirmed on Saturday that Islamabad was preparing to access Chinese capital markets with the sale – the....