The UK has begun taking orders for a government bond denominated in China’s currency – a first for a western country.
According to the Treasury, the sale is proof of the strengthening relationship between the UK and China.
The sale is expected to raise about Rmb2bn, or ￡200m, the same size as the first Islamic government bond sold by UK this year – which attracted global investor orders of more than ￡2bn. In total the UK government plans to borrow ￡127bn from bond markets this financial year.
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