Yuan-denominated bond
An issue by a Russian borrower denominated in yuan: coupon and principal are counted in the currency, while settlement stays inside the domestic infrastructure.
How to read the number
It answers a demand for currency diversification without moving the securities outside the Russian depository perimeter.
When the metric lies
The rouble result combines the coupon with currency revaluation, and tax is charged on the rouble amount. A weaker rouble creates a taxable gain even where no currency profit occurred.
Also known as: cny bond, yuan bond