The Asian Development Bank reopened the panda-bond market, selling a 1 billion yuan deal arranged by China International Capital Corp. The deal is the first renminbi bond from a foreign issuer sold in China since the International Finance Corp.'s deal in November 2006. The move is expected to encourage bankers who are urging the Chinese government to approve bringing in more foreign issuers. "The transaction will be an excellent benchmark for other international issuers to come," said Wei Ding, CICC's head of investment banking.

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