Follow UK Investment Immigration and UK Economic news: The first Renminbi sovereign bond issued by the UK government was listed on the London Stock Exchange on the 21st. Liu Xiaoming, the Chinese Ambassador to the UK, stated at the listing ceremony that this issuance is of great significance and far-reaching impact, indicating that the internationalization of the Renminbi has made solid progress in the UK.
On the 14th of this month, the UK Treasury announced that the UK government has successfully issued its first Renminbi sovereign bond, with a scale of 3 billion Renminbi and a term of three years. This is the first Renminbi sovereign bond issued by a Western country and the largest Renminbi bond issued outside of China. The proceeds from the bond issuance will be included in the UK's foreign exchange reserves.
Liu Xiaoming stated that the UK government has become the first foreign government to issue Renminbi sovereign bonds, and the Renminbi will also become one of the currencies in the UK's foreign exchange reserves. This reflects the UK government's "new commitment" to building London as an offshore Renminbi market, creating a "new milestone" for the internationalization of the Renminbi, while injecting "new momentum" into Sino-British economic and trade cooperation.
UK Treasury official Liz Truss stated that the government aims to encourage other issuers to enter the market through this bond issuance, jointly building the London offshore Renminbi market. Including the Renminbi in the UK's foreign reserves indicates that the UK government believes the Renminbi has the potential to develop into an important foreign exchange reserve currency.
