Launched in London and listed on the London Stock Exchange, the three year RMB-denominated bond is the first of its kind to be launched outside Chinese sovereign territory, with the aim of tapping the growing pool of RMB liquidity across Europe.
HSBC group chief executive, Stuart Gulliver, comments: “It represents another step in London’s development as a premier international trading centre for the renminbi and is an early sign of the huge potential that this market represents.”
He adds: “Developing the offshore market is the route by which the RMB can evolve into a major global trading, financing and investment currency, and eventually a global reserve currency.”
The bank expects the international RMB bond market to reach RMB1 trillion within three years, as demand for RMB-denominated assets grows.
Source:
bankingtimes.co.uk
