Britain to be China’s ‘bridge’ into western markets, says George Osborne

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”.

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The Chinese have put out billboard ads announcing the renminbi as the new world currency

China-rmb-world-currency

 

When I arrived to Bangkok the other day, coming down the motorway from the airport I saw a huge billboard—and it floored me.

The billboard was from the Bank of China. It said: “RMB: New Choice; The World Currency”

Given that the Bank of China is more than 70% owned by the government of the People’s Republic of China, I find this very significant. Continue reading