China Gives London's Yuan Hub Ambitions a Boost Before Xi Visit
- PBOC, Finance Ministry Plan First Offshore Debt Sales in U.K.
- Shanghai to extend yuan trading hours into London trading day
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London’s bid to become a major yuan trading hub is getting a boost before Chinese President Xi Jinping visits the city next week.
The U.K. capital is set to host the first offshore debt sale by the People’s Bank of China as well as the Finance Ministry’s debut issue of local-currency sovereign bonds outside of China and Hong Kong. Asia’s biggest economy will also double yuan trading hours in Shanghai to provide a more reliable guide to the currency’s value through European trading hours.