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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; firstname.lastname@example.org