UK's Osborne says China's ICBC to issue yuan bond in London

Reuters

LONDON (Reuters) - Industrial and Commercial Bank of China (ICBC) will next month become the first Chinese bank to launch a yuan-denominated bond in London, Britain's Chancellor said on Tuesday.

"ICBC will issue an RMB bond in London next month. First issued by a mainland China headquartered bank," Chancellor George Osborne said in a statement on micro-blogging platform Twitter.

Osborne has been in Beijing on a trade mission, and earlier on Tuesday China said it would give London-based investors the right to buy 80 billion yuan $13.1 billion (8.2 billion pounds) of mainland stocks, bonds and money market instruments, boosting London's efforts to be the next offshore yuan trading centre after Hong Kong.

(Reporting by David Milliken; editing by William Schomberg)

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