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TRADE WARS
Japan banking giant to sell country's first yuan bond
by Staff Writers
Tokyo (AFP) June 18, 2015


Cisco to invest $10 billion in China
Beijing (AFP) June 18, 2015 - US technology giant Cisco announced Thursday that it will invest more than $10 billion in China in coming years to help the country "innovate and globalise".

Cisco signed a Memorandum of Understanding (MOU) with the National Development and Reform Commission, the country's top economic planning agency, to expand investment in China focusing on areas of innovation, equity investment, research and development and job creation, the company said in a statement.

The company, which entered China in 1994, also inked an MOU with an association of universities of applied science to train information and communications technology talent, it said.

The initiatives are worth in excess of $10 billion in total, which will be spent over the "next several years", the company said.

Cisco's routers, servers and switching systems are key units of global interconnectivity and help power the Internet.

"We look forward to furthering our digitisation efforts, contributing to talent development and GDP growth opportunities in China," Cisco Chairman and CEO John Chambers said in the statement.

Gross domestic product in China, the world's second-biggest economy, expanded 7.4 percent last year, the weakest since 1990, and slowed further to 7.0 percent in the January-March period, the worst quarterly result in six years.

The programmes "combine Cisco's strengths with the direction of China's industrial transformation" and is expected to help the country "innovate and globalise", the statement said.

"With these new partnerships and initiatives, Cisco is investing in the next generation of Chinese technology innovation," the company's incoming CEO Chuck Robbins was quoted as saying in the statement.

One of Japan's biggest banks on Thursday said it would sell bonds denominated in China's yuan currency as frosty ties between the major trading partners show signs of thawing.

Bank of Tokyo-Mitsubishi UFJ, a unit of Mitsubishi UFJ Financial Group, said it would raise 350 million yuan ($56 million) through the two-year bond offering that would be sold to Japanese life insurers, regional banks and other institutional investors.

The sale next week would be a first for Japan, it said, following yuan bond sales by British and Singaporean lenders and major firms including US fast-food giant McDonald's and heavy-equipment maker Caterpillar.

"We understand this will be the first issuance of yuan bonds in our country," said a company spokesman.

The company's operations in China include about a dozen branches that supply loans, foreign currency and trade finance.

The sale comes as China pushes to internationalise its currency and follows a thawing in diplomatic ties since last year, when China's President Xi Jinping held breakthrough talks with Japanese Prime Minister Shinzo Abe -- although relations remain tense over territorial spats and Japan's wartime record.

Japanese finance minister Taro Aso held talks with his Chinese counterpart in Beijing this month. During the meeting, China's Lou Jiwei called for "actively promoting practical cooperation," citing yuan bond offerings in Japan as an example, the Nikkei business daily reported.

In 2011, the leaders of both countries agreed to prioritise issuing yuan-denominated debt in Japan but the push stalled as bilateral relations sank.

The same year, McDonald's and Caterpillar both issued yuan-dominated bonds, while Asia-focused lender HSBC held a sale in London in 2012.

In 2014 the International Finance Corporation, a member of the World Bank, issued yuan-dominated bond in London.

si/pb/tm

Caterpillar

HSBC

MCDONALD'S


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