China is set to issue government debt in renminbi in London, picking the city as the first overseas financial centre in which to open a sovereign debt market as it strives to popularise its currency.
The plan is to issue Chinese treasury bonds in renminbi after laying the foundations with earlier launches of short-term debt by the People’s Bank of China (PBoC), the central bank, officials familiar with the issue said.
The scheme is likely to be a key announcement during the visit of Xi Jinping, the president, to the UK next week, they added.
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