Pakistan, China agree on CPEC upgrade, Sharif unveils Panda Bond plan

ISLAMABAD: Prime Minister Shehbaz Sharif said on Thursday Pakistan planned to float Panda Bonds in China’s capital market as he met Premier Li Qiang in Beijing, where the two leaders discussed stronger economic cooperation including the next phase of the multibillion-dollar China–Pakistan Economic Corridor (CPEC). Panda Bonds are yuan-denominated bonds issued in China by foreign governments or entities. Islamabad plans to issue them to raise financing from Chinese investors and ease pressure on its foreign exchange reserves.

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