B.C. raises $428M through bond sale in China, reinvests in Renminbi market

VANCOUVER – British Columbia’s Ministry of Finance says it has raised about $428 million through a bond sale in China.

The one-year term bonds were sold in the Chinese Renminbi market and were priced at 2.25 per cent.

The ministry states in a media release that it reinvested the money in the same market to ensure a positive return and to protect against foreign-exchange risks.

Finance Minister Mike de Jong says the Chinese Renminbi market is poised to become one of the world’s most-important capital markets, and B.C. is an attractive investment because of its triple A credit rating.

The ministry states that Asian investors bought 60 per cent of the bonds, and U.S. investors bought the remainder.

Premier Christy Clark will begin a 13-day trade mission Nov. 21 in Beijing, where she plans to promote the province’s liquefied natural-gas industry.