Standard Chartered has issued Rmb1bn worth of commercial paper out of London in the past four weeks as it tries to encourage the development of an offshore renminbi market in the UK.
The bank revealed the details yesterday as the UK Treasury met the Hong Kong Monetary Authority and a working group of seven banks in Hong Kong to discuss the standards and products that will promote the market’s development.
StanChart said its three- to six month commercial paper programme filled the gap between longer-term bonds and short-term deposits in the offshore renminbi funding market, and was another small step in the creation of a pool of renminbi liquidity in London.
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