London sees red as China executes offshore bond

The City of London cements its status as Europe's premier renminbi centre as China takes a new step to internationalise its currency.
Red skies at night: London's delight
Red skies at night: London's delight

The City of London cemented its status as Europe's leading renminbi centre on Thursday after China's Ministry of Finance MOF raised Rmb3 billion $458 million through a three-year bond deal.

The deal size may have been small by eurobond standards but the transaction was a meaningful one for both China and the UK. 

For China, it marks a new step in the internationalisation of its currency given the MOF has only ever issued once offshore before in Hong Kong back in 2009. For the UK, the deal should help ensure the City of London remains the pre-eminent global financial centre at a time when...

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