UK's Osborne Welcomes Launch Of London's First Chinese Yuan Bond
April 18 2012 - 3:57AM
Dow Jones News
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
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