United Kingdom to issue renminbi notes with three banks

By Christine Van Dusen

Atlanta, Oct. 9 – The United Kingdom is planning to issue benchmark-sized and renminbi-denominated notes in the world’s first non-Chinese sovereign bond in Chinese currency, according to an announcement from Her Majesty’s Treasury.

Bank of China, HSBC and Standard Chartered are the bookrunners for the deal.

The proceeds will be used to finance the nation’s reserves.

“Currently, Britain only holds reserves in U.S. dollars, euros, yen and Canadian dollars,” the announcement said.

An investor presentation will take place on Oct. 13 in London.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.