China Construction Bank, the country’s second-largest lender by assets, raised Rmb1 billion $157 million from a renminbi-denominated bond in London on Monday, ending a lengthy hiatus in the market.
The timing is auspicious as China seeks to extend its financial reach and London tries to cement its role as a renminbi-trading hub, with Chinese President Xi Jinping set for his first state visit to the United Kingdom later this month, 10 years after the last such visit by a Chinese president.
Before CCB, French lender Societe Generale was the last offshore renminbi borrower, raising Rmb110 million in five-year bonds in late August, according to...
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