China’s central bank has attracted orders of more than Rmb30bn ($4.7bn) for its debut sale of debt on London’s markets in a deal timed to coincide with the first day of President Xi Jinping’s state visit to the UK.
An estimated £30bn in bilateral investment deals is expected to be agreed during the visit as Britain seeks to position itself as the main western trading hub for China’s currency.
Investors bought Rmb5bn in one-year bills issued by the People’s Bank of China yesterday in a deal that was more than six times subscribed. The demand pushed down the final yield to 3.1 per cent from a 3.3 per cent marketed rate.
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