A symbolic step forward for China

McDonald's this week became the first non-Chinese, non-financial company to issue debt denominated in yuan, reflecting both McDonald's aspirations in China, and China's plans to reform its currency.

McDonald's raised its profile in China this week by becoming the first foreign non-financial company to issue debt denominated in Chinese yuan (RMB). The fast food chain raised 200RMB (£18.5m) with 3% notes that are due for repayment in 2013.

The bond issue was handled by Standard Chartered Hong Kong. Despite only being available to institutions, funds and professional investors, the issue was sold out within two hours.

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