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MOSCOW, November 1. /TASS/. The Finance Ministry has prepared a draft decree, which provides the possibility of issuing federal loan bonds (OFZ bonds) in yuan. The draft resolution has been published on the legal information website.
"In the current situation, the creation of an alternative source of borrowings and formation of the respective cost targets for Russian issuers is very important. In this respect, the most promising is the placement of federal loan bonds denominated in RMB on the Moscow Exchange aimed at internal (continental) investors from China," the document said.
Vladimir Vyshkovsky, head of debt department at the Finance Ministry told TASS that the changes are being made to general conditions of issuance and circulation of federal loan bonds which creates legal conditions for the placement of sovereign debt securities in RMB.
He also confirmed the Ministry’s plans to issue first federal loan bonds in the Chinese currency before the end of 2016.
"We are creating legal preconditions for it. This concerns our plans of placement of federal loan bonds in yuan. Yes, we hope that this document will be approved this year to create a legal possibility for the issue of these securities this year. We pursue such a goal...," Vyshkovsky said.