The World Bank has issued its first bond denominated in the Chinese money, joining a small but fast growing market. The Yuan denominated bond is being issued to endorse the use of the Chinese currency in global markets.

It will raise 500m Yuan ($76m; £49m). 

Other bodies, including the Asian Development Bank and firms such as McDonald's and Caterpillar have issued Yuan bonds.

China's stake in the World Bank, which gives economic and technical assistance to developing countries, is set to increase. 

It could finally see China as the third leading stakeholder in the lender after the US and Japan. 

Doris Herrera Pol, the global head of capital markets at the World Bank he said, "This is a landmark business for the World Bank as it is the first World Bank issuance in RMB (Yuan), and signals the strong attention of the World Bank in supporting the development of the RMB market." 

The market in Hong Kong for Yuan denominated bonds started just over three years ago. 

In September last year, the Chinese government itself started issuing bonds in its currency, also known as the renminbi. 

Hong Kong, though part of China, has a well developed and more open economic market and is a conduit between China and the capitalist developed world.