BRICS bank to issue first yuan denominated bonds

The BRICS Development Bank, also referred as the New Development Bank (NDB) is set to issue its first yuan-denominated bonds, which is also known as ‘green bands’. The Shanghai-headquartered bank, founded by the BRICS members (Brazil, Russia, India, China and South Africa) and headed by eminent Indian banker M V Kamath, is planning to finance development projects in the emerging markets and development countries.

The decision to issue its first bond in Chinese currency shouldn’t come as a surprise, especially since the bank itself is headquartered in China and the country currently holds the largest foreign currency reserves. But the main reason is to support China from sharp slowdown as Chinese economy slipped to 6.9 % last year. While, India is the only member among the BRICS countries whose GDP continues to grow above 7%.

So let’s discuss some questions related to this post :
1. Name the bank which has issued its first yuan denominated bonds ?
2. BRICS bank is headed by whom and Where is the headquarter it ?

Courtesy : The Hindu


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