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London to become 2nd offshore RMB center

Apr. 19, 2012 (China Knowledge) - The People's Bank of China said that banking giant HSBC yesterday issued the first RMB-denominated bonds in London, which indicated that the city is expected to become the second offshore RMB center after Hong Kong.

The central bank said in a statement published on its website that HSBC floated RMB 1 billion worth of RMB bonds, which mainly targets investors from the U.K. and other European countries.

George Osborne, Britain's finance minister, said at a ceremony for the kickoff of the construction of London offshore RMB center, that the move will further boost the development of RMB products and services in the London market and promote the use of the Chinese currency in cross-boarder trade in investment.

London, with a 26% share in the global RMB exchange transactions, saw its RMB deposits reach RMB 109 billion at the end of 2011.

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