China launches first yuan bond in London
The debt sale in London worth 5.0 billion yuan
London - AFP
The People's Bank of China on Tuesday launched a yuan-denominated bond in London for the first time as it seeks to internationalise its currency.
The debt sale worth 5.0 billion yuan (690 million euros) for one-year bonds was heavily oversubscribed according to a banking source.
The auction for the bonds offering a yield of 3.15 percent coincided with the start of a four-day visit to Britain by Chinese President Xi Jinping.
It is said to be the first time that a yuan-denominated bond auction has taken place outside of China and Hong Kong.
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