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UK becomes first country from West to issue RMB bond
The UK will become the first Western country to issue an offshore bond in the Chinese renminbi.
Chancellor of the Exchequer George Osborne says the issue will be similar in size to a 2 billion RMB bond issued in London by the China Development Bank.
It is expected that the issue will come before the end of the year and that the proceeds will be used to finance Britain's foreign currency reserves.
In addition to the bond issue, Osborne also said this weekend that the Lloyd's of London insurance market has been granted a license to open a branch in Beijing.
China and the UK held their annual Economic and Financial Dialogue in London on September 12.
The two countries discussed their macro-economic policies and other financial issues during the meeting.
[Source: Xinhua, Beijing, 15Sep14]
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