A Chinese sovereign renminbi (RMB) has been issued in London is the first ever to be issued outside of China.
Worth RMB 3 billion (approximately £300 million), the government claims this underlines London’s status as the leading western RMB hub and reinforces the UK’s ever-strengthening economic and financial relationship with China.
Last year during a visit to Shanghai the Chancellor announced the UK’s commitment to being China’s long-term partner on its journey of economic transformation and financial reform.
This landmark issuance is a significant step on that journey, signalling China’s continued commitment to open its economy, liberalise its markets and internationalise its currency.
The Chancellor of the Exchequer, George Osborne, said: “Choosing London as the destination to issue this bond – the first Chinese sovereign RMB bond issued outside of China – reinforces the UK’s strong economic and financial relationship with China.
“…Ensuring that the UK remains China’s long-term partner on its journey of economic transformation cuts to the heart of the government’s efforts to promote the long-term competitiveness of the UK financial sector.”