The People's Bank of China has launched a yuan-denominated bond in London for the first time, as it seeks to internationalize its currency. The founding of Bank of China Trading Centre in London will help to build closer financial ties between China and the United Kingdom. It will also cement the place of the City of London, which has been one of the most important Renminbi offshore trading center.
The trading center will provide its clients greater coverage in foreign exchange, derivatives, commodities and fixed income trading. Bank of China is committed to developing London as the world's leading offshore RMB center.
The bank also launched its BOC Renminbi Bond Trading Index concurrently in Shanghai, Singapore and London. The index will facilitate overseas investors in understanding the China Interbank Bond Market, track market prices and enhance the efficiency of trades.