A Yearning for the Yuan

(London) – Armed with an ambition to be an offshore yuan center, London is forging ahead with steady efforts to develop its infrastructure and banking services in line with processing yuan business.

On April 18, it welcomed the first yuan-denominated bond issuance outside of China's sovereign territory. The bonds, issued by HSBC Holdings Plc., bear an interest rate of 3 percent and were significantly oversubscribed. The size of issuance was 2 billion yuan.