PBOC Issues 1st RMB Yuan Note Outside China
The People’s Bank of China (PBOC), China’s central bank, issued its 1st offshore Renminbi (RMB Yuan) note in London Wednesday.
The RMB-Note is worth CNY 5-B (US$786-M), with an interest rate of 3.1%, and falls due in Y 2016, the central bank said in an online statement.
The move follows the agreements reached at the 7th China-UK Economic and Financial Dialogue in September.
The central bank said it the 1st time that Renminbi (RMB Yuan) note has been issued outside China, and it will help explore an offshore Renminbi market and facilitate cross-border trade and investment.
The central bank’s announcement comes as Chinese President Xi Jimping is in London for a state visit.
Having decided to become China’s best friend in the West, London has been waiting anxiously for the state visit, the 1st one to the European country by a Chinese president in a decade, as it is believed to herald a “Golden Era” for the bi-lateral ties.
The British Royal Family hosted an array of welcoming activities for Xi for a long day, the morning greeting, ceremonial welcome, private lunch as well as close talks with the Chinese president.
Stay tuned…
HeffX-LTN
Paul Ebeling
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