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Hong Kong (AFP) Nov 24, 2010 Caterpillar, the world's largest heavy equipment maker, is planning a one billion yuan (150 million US dollars), two-year bond issue in Hong Kong, sources close to the deal told AFP Wednesday. The US company looks set to become the second non-financial foreign firm to tap Hong Kong's yuan-denominated bond market. Last week, the firm announced plans to build a 300 million US dollar plant in the Chinese city of Tianjin to produce its 3500-series machinery engines for customers in the country and the Asia-Pacific. Caterpillar, the world's biggest manufacturer of bulldozers, excavators, wheel loaders and other construction machinery, has more than 7,400 employees in China. Goldman Sachs is arranging the bond issue, said the source, who asked not to be identified. The coupon for the planned yuan bond has yet to be determined. Caterpillar officials in the United States could not be reached immediately for comment. The move follows fast food giant McDonald's yuan-denominated bond issue in Hong Kong in August, the first by a non-financial foreign firm in the city. On Monday, China announced it would issue yuan-denominated government bonds worth 1.2 billion US dollars in Hong Kong, in its second such bond sale in the city as Beijing tries to internationalise its currency.
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Outside View: Chinese mercantilismCollege Park, Md. (UPI) Nov 23, 2010 Ben Bernanke is right. Germany shouldn't blame easy money in the United States for the world's woes. Currency mercantilism in China and elsewhere is causing a mess - especially in the United States. Last week, Bernanke, the chairman of the U.S. Federal Reserve, fingered China, Taiwan, Singapore and Thailand for driving down the values of their currencies. Through massive government pur ... read more |
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