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HSBC announced the issue of a yuan-denominated bond in London on Wednesday. The yuan-denominated bond is the first of its kind to be launched outside the Chinese Mainland and Hong Kong, and the first to be issued from and distributed within Europe and Asia.
British Chancellor of the Exchequer George Osborne says London's pre-eminence in foreign exchange and bond issuance means the city is well-placed to serve as a hub for Chinese banks that want to do business in the west.
It's the first such issue in the city, marking a milestone in London's efforts to become a center for offshore yuan trading alongside Hong Kong. HSBC said in a statement, it would raise more than one billion yuan with its three-year bond. It's a step in China's plan to gradually internationalise its currency.
Figures provided by the British authorities show, there were RMB deposits totalling more than 109 billion yuan in London by the end of 2011.