China’s Yuan Boosted by U.K. Bond Deal, but Won’t Rival Dollar—Yet

China’s Yuan Boosted by U.K. Bond Deal, but Won’t Rival Dollar—Yet
Renminbi bank notes (photo by Flickr user faungg licensed under the Creative Commons Attribution-NoDerivs 2.0 Generic license).

Earlier this month, the United Kingdom and China announced the upcoming issuance of a U.K. government bond denominated in yuan, making the U.K. the first Western government to borrow in China’s currency. British and Chinese authorities noted that the funds raised by the bond will be used to add yuan to the U.K.’s foreign exchange reserves. While there was no indication as to how much London was looking to borrow, the move alone is a significant milestone for Beijing. Five years ago, the yuan had virtually no presence outside of China’s borders. But each year since, the currency has taken […]

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