Britain will become the first Western government to issue renminbi bond

Britain will become the first Western government to issue an offshore bond in China’s renminbi currency, finance minister George Osborne said yesterday, deepening efforts to build financial links with the world’s No. 2 economy.

News of the bond came after Britain announced £2.4bn of commercial deals with China, coinciding with Chinese vice premier Ma Kai’s visit to London.

“I can now announce that the UK government intends to be the first national government outside of China to issue a bond in China’s currency,” said Mr Osborne, speaking alongside the vice premier as part of an annual meeting on finance and investment involving the two countries.