18/12/2014 04:30:33 Free Membership Login

UK's Osborne Welcomes Launch Of London's First Chinese Yuan Bond

Date : 04/18/2012 @ 3:57AM
Source : Dow Jones News
Stock : Stand.Chart. (STAN)
Quote : 897.5  2.5 (0.28%) @ 4:15AM
Standard Chartered share price Chart

UK's Osborne Welcomes Launch Of London's First Chinese Yuan Bond

HSBC Holdings Plc (NYSE:HSBC)
Historical Stock Chart

3 Years : From Dec 2011 to Dec 2014

Click Here for more HSBC Holdings Plc Charts.

U.K. Chancellor of the Exchequer George Osborne said Wednesday that he welcomed the launch of the first Chinese yuan bond outside of China and Hong Kong.

"Today's event emphasises that we are not prepared to let anyone steal a march on us in terms of new products and new markets," Osborne said at a seminar in London focused on turning the city into a center for renminbi business.

"We are the natural home in the West for those who want to invest in the Chinese economic success story," he said.

The Wall Street Journal, citing a term sheet, said earlier Wednesday that HSBC Holdings PLC (HBC) was seeking to sell a three-year benchmark offshore yuan bond at initial yield guidance of 3.00%-3.25%. The report also cited a person familiar with the situation who said the proposed bond may be listed on the London Stock Exchange to attract more interest from European investors.

The seminar was held to mark the launch of work undertaken by the private sector and coordinated by the City of London to develop the capital's role in this business area.

The City of London Corp. said it had formed a working group with five leading banks, as well as U.K. Treasury, the Bank of England and the Financial Services Authority, to support growth of yuan business in the city.

Bank of China Ltd. (3988.HK, 601988.SH, BACHY), Barclays PLC (BARC.LN, BCS), Deutsche Bank AG (DB, DBK.XE), HSBC Holdings PLC (0005.HK, HBC, HSBA.LN) and Standard Chartered PLC (2888.HK SNTDF STAN.LN) are joining the City of London, the local-government authority, to form the working group.

Last September, U.K. Chancellor of the Exchequer George Osborne and Chinese Vice Premier Wang Qishan first welcomed private-sector interest in developing an offshore market in London to trade the yuan. London's efforts were given an extra boost in January with the launch of a joint private-sector forum by the U.K. government and Hong Kong Monetary Authority.

-By Jessica Mead, Dow Jones Newswires; 44 20 7842 9256; jessica.mead@dowjones.com

 
 


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE and AMEX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

1 site:2 us 141218 04:30