Brazil plans to raise up to 5 billion yuan ($735 million) with its first-ever issuance of panda bonds, Finance Minister Dario Durigan told Reuters on Thursday, marking the largest debut of yuan-denominated debt by a foreign nation in China.
The Latin American country will become the fifth sovereign issuer in 12 months to tap into China's domestic debt market, with the move seen as a "test" to help private Brazilian firms deepen their presence in the country, Durigan said.
