HSBC launches London renminbi bond

HSBC has became the first company in the world to launch a renminbi-denominated bond outside a sovereign Chinese territory.

The bank is hoping to raise at least 1bn renminbi (£99m) through the three-year so-called dim sum bond which was being offered through HSBC's syndication desks yesterday.

It coincided with a drive by the Chancellor, George Osborne, and the City Corporation to make London the Western hub for renminbi trading.