UK set to issue RMB-denominated sovereign bond
Treasury appoints three banks, while China mulls loosening restrictions on domestic interbank market
The UK Treasury is set to issue sovereign bonds in the Chinese renminbi (RMB), the first RMB-denominated sovereign issue outside China, and has appointed three banks to deliver the benchmark issue sales.
The Bank of China, HSBC and Standard Chartered will assist in selling the bonds, the proceeds of which will be used to finance the UK's reserves. Currently, the UK only holds reserves in US dollars, euros, yen and Canadian dollars. The Treasury said the issue of a UK RMB sovereign bond
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