KARACHI: Pakistan plans its first Chinese yuan-denominated bond, also known as Panda bond, in the first quarter of next year, worth about $1 billion, reflecting the growing demand for the country’s debt as its economic outlook improved. The federal cabinet on Friday approved the issuance of Pakistan’s first renminbi-denominated bonds to raise loans from Chinese capital markets, as the country gradually moves towards giving the Chinese currency status at par with that enjoyed by the US dollar. Reportedly, Panda bonds worth an estimated $1 billion will be dispatched. This decision comes after the growing demand for the country’s debt as the economic conditions of the country have improved. As per government records, over the first four months of the current fiscal year beginning April 2019, Pakistan’s current account deficit has fallen by 73.5 percent compared to the same period last fiscal year. Pakistan’s exports of goods and services in October 2019 rose 20 percent over the previous month and 9.6 percent over October 2018.