China issues first offshore renminbi note in London

The People’s Bank of China, China’s central bank, issued its first offshore renminbi note in London on Wednesday.

According to the central bank’s online statement, the note is worth 5 billion yuan (786 million U.S. dollars), with an interest rate of 3.1 percent, and falls due in 2016.

The move follows the agreements reached at the 7th China-UK Economic and Financial Dialogue in September.

The central bank said it is the first time that renminbi 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 while Chinese President Xi Jinping is in London for a state visit to Britain.

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