HSBC, the international bank, yesterday raised Rmb2bn ($300m) in London in the first renminbi bond issue outside China and Hong Kong.
The move marks a step forward in the development of China’s capital markets, in the internationalisation of the renminbi, and in the UK’s efforts to expand its financial links with the world’s largest emerging market.
HSBC sold the three-year renminbi instruments – known as dim sum bonds – at 3 per cent in a deal that is widely expected to pave the way for other issuers, including Chinese banks.
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