According to British finance minister George Osborne, Industrial and Commercial Bank of China (ICBC) would be launching for the first time a yuan-denominated bond in London next month.
On Tuesday via microblogging service Twitter, Osborne tweet read, "ICBC will issue an RMB bond in London next month. First issued by a mainland China headquartered bank."
The Britain's Chancellor of the Exchequer Osborne had been making the rounds in China, specifically in Beijing on a trade mission. Osborne earlier said also on Tuesday that investors in London would have the right to acquire CNY80 billion or USD13.1 billion of Chinese stocks, bonds and money market instruments. The securities sale would be London's strategy to gaine notoriety as a foreign business center of yuan trading after Hong Kong.
ICBC is considered one of the major banks in the world by market capitalization and profit. It has RMB12.55 trillion or USD1.9 trillion worth of assets with over 18,000 outlets around the world as of March 2010.
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