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London launch of China bond
CHINESE bank the China Construction Bank will today issue a “dim sum” bond in London, the first Renminbi denominated bond ever sold outside of China.
The one billion RMB bond follows a landmark deal struck by chancellor George Osborne and Chinese vice premier Wang Qishan in September to boost London’s role as a RMB hub. The launch is the first time China’s authorities have permitted an overseas issue.
Data shows that London has now overtaken Singapore as the leading international offshore RMB centre.