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Rosatom prepares to issue bonds in yuan currency in China

The Russian state nuclear company Rosatom is planning to issue bonds in yuan currency in China, a spokesperson for the company said on Monday.

The spokesperson did not provide any further information. The announcement by Rosatom comes after Russian President Vladimir Putin visited China last week and called for a joint financial infrastructure between countries in the "Global South".

Alexei Likhachev, Rosatom's chief executive officer

On the sidelines the four-day trip, the Russian giant said that it was willing to help China surpass the United States when it comes to installed nuclear generation capacity.

Likhachev stated that Russia has helped China build four nuclear reactors and is currently building four others. China also needs a lot of uranium for its ambitious plans.

Atomenergoprom, Rosatom's main power unit Atomenergoprom, said that it received a "AAA" credit rating from China's Dagong Global Credit Rating Agency in April. The agency also rated the unit as "stable".

Ilya Rebrov, Rosatom's Chief Finance Officer, told an August corporate publication that the Rosatom Supervisory Board had approved the influx of foreign funding.

Rebrov said that "work is underway to prepare Atomenergoprom for the issue of bonds in Chinese Yuan."

Earlier Monday, another Chinese credit rating agency CSCI Pengyuan

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On Friday, China gave its highest AAA credit rating to the Russian oil and gas company Gazprom GAZP.MM that was blacklisted by the United States. This opened up China's bond market for debt issuance.

The second largest bond market in the world, China, is a great opportunity for Russian companies that are cut off from Western funding due to sanctions.

The "AAA' rating for Gazprom was given just days after Russia, China and other countries gave their blessing to the Power of Siberia 2 gas pipeline. This massive project links the two countries in an effort to reduce economic dependence on the West. (Reporting Anastasia Lyrchikova; writing by Gleb Brianski; editing Guy Faulconbridge).

(source: Reuters)