China issued its first sale of offshore government debt in London’s fledgling renminbi market yesterday, borrowing Rmb3bn ($457m) in a deal that attracted hefty demand.
The finance ministry bond drew orders of Rmb8.5bn from investors evenly split between Asia and Europe, Africa and the Middle East, according to HSBC, one of the banks hired to arrange the sale.
In China, the government’s debut London bond was viewed as a way to measure overseas demand for Chinese assets in the wake of a currency devaluation that shocked markets last August and a stock market rout in January that led to the biggest monthly drop in shares for seven years.
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