(Yicai Global) Aug. 31 -- Industrial and Commercial Bank of China Ltd. [SHA:601398; HK:1398] is in talks with entities in Persian Gulf states on the issuance of yuan-denominated bonds, Wallstreetcn.com reported yesterday.

The bank is holding negotiations with governments of Gulf states and relevant organizations interested in issuing yuan-denominated bonds, and an affiliate to one of the governments is applying to offer panda bonds on the Chinese interbank bond market in the first panda bond issuance ever proposed by a Middle Eastern nation, the report quoted Zhou Xiaodong, ICBC's Middle East regional manager, as saying.