Arab Today, arab today britain issues first yuan bond outside china
Last Updated : GMT 05:34:53
Arab Today, arab today
Arab Today, arab today

Britain issues first yuan bond outside China

Arab Today, arab today

Arab Today, arab today Britain issues first yuan bond outside China

Britain launches a yuan-denominated sovereign bond
London - AFP

 Britain on Tuesday launched a yuan-denominated sovereign bond, the first of its kind by a Western nation outside China and the largest ever non-Chinese issue.
"The UK government has today successfully issued a sovereign bond in China’s currency, the renminbi (RMB)," it said in a statement.
"The RMB 3.0 billion bond, which is equivalent to approximately £300 million (380 million euros, $480 million), has a maturity of three years" at a yield of 2.7 percent.
Britain already revealed last week that it was set to issue the bond in China's yuan/renminbi currency.
The proceeds will be used to finance Britain's foreign currency 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 statement added.
The bond is part of government plans to boost links with Beijing, bolster London's market for yuan and underline the capital's status as a global financial hub.
Bank of China, HSBC and Standard Chartered arranged Tuesday's bond sale.
"The UK government's sovereign renminbi bond issue, the first by a Western country, has been a great success and will deliver value for money to taxpayers," said finance minister George Osborne.
"Our long term economic plan is working, but the job isn’t done. We need to export to fast growing economies like China, and attract more investment to our shores.
"To do that, we need to make sure China’s currency is used and traded here, as that will be not only good for China, but good for British jobs and investment too."
British politicians have been scrambling to make London China's Western financial hub as Beijing loosens its tight regulations on international trading in the yuan.
London has repeatedly stressed the importance of improving economic ties with Asian powerhouse China.
Last year the yuan overtook the euro as the world's second-largest trade currency after the US dollar.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today britain issues first yuan bond outside china Arab Today, arab today britain issues first yuan bond outside china

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today britain issues first yuan bond outside china Arab Today, arab today britain issues first yuan bond outside china

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday