China's central bank issues first ever dim sum bond in London

Issue six times oversubscribed

The People's Bank of China has launched its first ever yuan-denominated bond in London, yielding 3.1% as subscriptions outstripped expectations.

The yield on the one-year issue tightened from 3.3% to 3.1% shortly after the books opened, according to Reuters, with subscriptions reaching 30bn yuan (£3.1bn), six time the planned issue size. The debut dim sum bond issue comes during the week of the Chinese presidential visit to Britain and marks a move to make London a key yuan trading centre outside of Asia. Dim sum bonds are those issues outside of China, but denominated in the Chinese currency. Chinese President Xi Jinping is visiting the UK this week to discuss the bilateral relationship between the two countries. China ...