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China poised to issue sovereign debt in renminbi in London
By James Kynge
Financial Times, London
Tuesday, October 13, 2015
China is set to issue government debt in renminbi in London, picking the city as the first overseas financial centre in which to open a sovereign debt market as it ramps up efforts to popularise its currency, officials familiar with the issue said.
The plan is to issue Chinese Treasury bonds in renminbi in London after laying the foundations with launches of short-term debt by the People's Bank of China, the central bank, the officials said.
The scheme is likely to be a key announcement in the visit of Xi Jinping, the president, to the UK next week, they added. It will be hailed as a breakthrough by Mr Xi's British hosts, who are preparing to give the communist party leader a five-star welcome in an effort to gain an edge over the European rivals in attracting Chinese investment.
"London has been chosen ahead of other financial centres in Europe and the US," said one official familiar with Mr Xi’s visit. "This shows that Beijing has decided that London is the preferred location in which to build an offshore centre for renminbi exchange and investment in a non-Chinese timezone." ...
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