The Republic of Korea became the first foreign sovereign to raise money from China's domestic bond market on Tuesday, setting a key benchmark for the world's top borrowers as they mull the progressive opening up of an important new source of global funding.
The Rmb3 billion transaction, known as a panda bond, was highly symbolic on a number of levels.
For Korea it was clearly very important to become the first sovereign to access the market since the transaction has enabled the country to underline its extremely close geographical, cultural and economic ties with its much larger neighbour, now its largest trading partner.
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