Chinese Central Bank to Issue Short-Term Renminbi Bonds in London

The People’s Bank of China (PBOC) will issue short-term Renminbi (RMB) denominated central bank note in London in the near future, the first outside of China, according to the statement of the UK Treasury.

MOSCOW (Sputnik) — The People’s Bank of China (PBOC) will issue short-term Renminbi (RMB) bonds in London in the near future, the first time it has done so outside greater China, the UK Treasury said Monday.

Earlier in the day, Chancellor George Osborne met with Chinese Vice Premier Ma Kai in Beijing for the seventh UK-China Economic and Financial Dialogue this year. A series of arrangements were made during the bilateral discussion, concerning trade, investment and the coordination of macroeconomic policy.

"The PBOC will issue a RMB denominated central bank note in London in the near future, the first outside of China," the UK finance ministry said.

The nations also agreed to extend and expand the RMB/Sterling swap line, according to the ministry’s factsheet.

The UK Treasury said the two economies enjoyed an "unparalleled financial partnership." China considers London to be an important trading hub for its national currency and a key RMB offshore market, the Treasury added.

The renminbi is the official currency of the People's Republic of China. The yuan is the basic unit of the renminbi.