BEIJING – With steady steps, China has been pushing its currency to wider use on the global stage, and it has taken a big stride forward with President Xi Jinping’s state visit to Britain.
On Wednesday, China’s central bank announced it has issued 5 billion yuan-denominated notes in London, in the first offshore issuance of such debts outside China.
The interest rate of the one-year notes was set at 3.1 percent.
“The move is an important part of the yuan’s globalization strategy to increase its presence in the global bond market,” said Sang Baichuan, director of the Institute of International Business at the University of International Business and Economics.
Since July 2009, when China introduced a pilot scheme allowing for yuan settlements in cross-border trade, the currency’s overseas footprints have been expanding fast, especially for use in international trade.
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