LONDON (Reuters) - Industrial and Commercial Bank of China (ICBC) (601398.SS) (1398.HK) will next month become the first Chinese bank to launch a yuan-denominated bond in London, Britain’s finance minister said on Tuesday.
“ICBC will issue an RMB bond in London next month. First issued by a mainland China headquartered bank,” finance minister George Osborne said in a statement on micro-blogging platform Twitter.
Osborne has been in Beijing on a trade mission, and earlier on Tuesday China said it would give London-based investors the right to buy 80 billion yuan ($13.1 billion) of mainland stocks, bonds and money market instruments, boosting London’s efforts to be the next offshore yuan trading centre after Hong Kong.
Reporting by David Milliken; editing by William Schomberg