Mark Boleat, Policy Chairman of City of London welcomes the issuance of People’s Bank of China’s first overseas debt sale in London:

“RMB is fast becoming a principle vehicle for accessing twenty-first century financial products, and I welcome the addition of the PBoC’s central bank note to the London market, the first such issuance outside of China, which further cements London’s role as a leading offshore RMB centre.

“The offshore RMB bond market has developed alongside wider developments in the internationalisation of RMB. Last year, the UK government issued the first RMB-denominated sovereign bond, making it the first western government to do so. These are significant steps and, along with continued development across China’s capital markets and increased awareness amongst investors, they raise the expectation of further growth in the offshore RMB market as a whole.

“This issuance by the PBoC will increase liquidity in London’s RMB bond market, help to develop a pricing benchmark and in turn attract higher-rated issuances by other institutions. London will continue to support the Chinese authorities to promote two-way dialogue and market developments that will bring mutual benefits to the UK and China’s financial services.”