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UK's Osborne says China's ICBC to issue yuan bond in London
October 15, 2013 / 10:30 AM / 4 years ago

UK's Osborne says China's ICBC to issue yuan bond in London

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.

Britain's Chancellor of the Exchequer George Osborne (L) smiles next to Jiang Jianqing, Chairman of Industrial and Commercial Bank of China Ltd (ICBC), as he visits the headquarters of ICBC in Beijing, October 15, 2013. REUTERS/Jason Lee

“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

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