“The RMB 3 billion bond, which is equivalent to approximately £300 million, has a maturity of 3 years and delivers on the Chancellor’s announcement at the recent annual UK-China economic summit in London that the government intended to issue an RMB bond. It is the world’s first non-Chinese issuance of sovereign RMB debt and will be used to finance Britain’s reserves. Currently, Britain only holds reserves in US dollars, euros, yen and Canadian dollars, so today’s issuance signals the RMB’s potential as a future reserve currency. The bond issuance, which saw strong demand from investors, also further cements Britain’s position as the most important RMB market in the western world.”
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