People’s Bank of China to begin issuing short-term renminbi denominated debt in London ‘in the near future’
China’s central bank will start to issue short-term debt in London, the Chancellor announced on Monday at the end of high-level talks with Chinese leaders.
In the first such move outside the country, George Osborne said the People’s Bank of China’s decision to issue renminbi bonds in London would “cement” the capital’s position as “China’s bridge into Western financial markets”.
It was one of 53 agreements announced at the end of the UK-China Economic and Financial Dialogue which was being held in the Chinese capital, where Mr Osborne’s passion for China has been strongly evident.
“I have strongly supported China’s efforts to increase the international use of the reminbi,” said Mr Osborne.
“And make no doubt about it, I want the UK to be the natural Western hub for renminbi trading.”
Monday’s announcement follows the UK government’s successful issuance of a sovereign renminbi bond last October.
The Treasury said that the PBoC would begin issuing debt denominated in China’s currency “in the near future”.
Full article: Britain to be China’s ‘bridge’ into western markets, says George Osborne (The Telegraph)