The news of China's central bank attracting orders of over RMB 30 billion ($4.7 million) on London's markets happened on the first day of President Xi Jinping's state visit to the UK.

Spencer Lake, global head of capital financing at HSBC, was quoted in an article by The Financial Times as saying that this transaction marks a milestone in the internationalisation of the renminbi and that it is the first debt offering in any currency from the People's Bank of China outside of China itself.

This shows how London is being proffered as the natural Western hub for renminbi trading in a bid to strengthen economic ties between the UK and China. As the renminbi internationalises, there are also plans to formally link London and Shanghai stock markets together. These plans are all set to make London the leading location for the development of renminbi in Western time zones.

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