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China's sovereign yuan bond listed in London

Xinhua, June 8, 2016 Adjust font size:

A 3 billion yuan (457 million U.S. dollars) government bond issued by the Ministry of Finance (MOF) was listed to be traded on the London Stock Exchange on Wednesday, the MOF said in a statement.

The yuan-denominated sovereign bond, issued in London late last month, was the first of its kind outside China. It will mature in three years and has a 3.28-percent coupon rate.

The successful issuance of the bond showed that global investors were confident about China's economy and boosted the development of the offshore yuan market, the MOF statement quoted Vice Finance Minister Shi Yaobin as saying.

China and Britain have seen closer financial cooperation, especially in promoting the global use of the yuan, in recent years.

The UK was the first Western country to issue yuan-denominated sovereign bonds and the first major developed country to include the yuan into its foreign exchange reserves.

China's central bank issued 5 billion yuan of RMB-denominated notes in London last year, the first offshore issuance of such debts outside China. Endi