Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
Find up-to-date guidance on points of law and then easily pull up sources to support your advice with Lexis PSL
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
Will other western nations follow the UK’s lead and issue sovereign bonds in the renminbi (RMB)? Andrew Bliss, partner at King & Wood Mallesons, considers what the UK’s issuance means for the future of the RMB in the international capital market.
The UK has become the first ever western government to issue a sovereign bond in the RMB, China’s currency. The bond is worth RMB 3bn, equivalent to approximately £300m, has a maturity of three years and is the largest ever non-Chinese RMB to be successfully issued.
The recent issue of a bond by HM Treasury on behalf of the UK government is a significant further step in the internationalisation of the RMB. The offshore RMB debt market has grown extremely rapidly in recent years. Outstanding offshore RMB bonds and certificates of deposit reached approximately RMB 634bn by February 2014, having increased from almost zero only four years ago. The issuance, while not in itself a large increase, is a symbolic step both in terms of the issuance of RMB bonds by a sovereign issuer and the acceptance of the RMB by the UK government. This transaction should be seen in the context of the active steps taken by HM Treasury to try and ensure that London is seen as one of the main RMB overseas financial centres.
Capital controls have been in place since the founding of the People’s Republic of China in 1949.
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
0330 161 1234