China launches first yuan bond in London

GMT 16:41 2015 Tuesday ,20 October

Arab Today, arab today China launches first yuan bond in London

The debt sale in London worth 5.0 billion yuan
London - AFP

The People's Bank of China on Tuesday launched a yuan-denominated bond in London for the first time as it seeks to internationalise its currency.

The debt sale worth 5.0 billion yuan (690 million euros) for one-year bonds was heavily oversubscribed according to a banking source.

The auction for the bonds offering a yield of 3.15 percent coincided with the start of a four-day visit to Britain by Chinese President Xi Jinping.

It is said to be the first time that a yuan-denominated bond auction has taken place outside of China and Hong Kong.

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