McDonald's has become the first nonfinancial foreign firm to launch a yuan-denominated bond in Hong Kong, reports the Wall Street Journal.
McDonald's is raising US$29.5 million (200 million yuan) with a three-year bond that will pay 3% annual interest, says the Journal. The fast-food giant will use the raised money to boost its brand and open more stores across China.
Hong Kong is slowly becoming a center for yuan-dominated finance. A development closely monitored by foreign companies with Chinese operations looking for ways settle its foreign-trade transactions, notes the Journal.