【英语财经】中国将选伦敦发行人民币国债 China set to choose London for its first overseas renminbi sovereign debt issue

China is set to issue government debt in renminbi in London, picking the city as the first overseas financial centre in which to open a sovereign debt market as it strives to popularise its currency.

The plan is to issue Chinese treasury bonds in renminbi after laying the foundations with earlier launches of short-term debt by the People’s Bank of China (PBoC), the central bank, officials familiar with the issue said.

The scheme is likely to be a key announcement during the visit of Xi Jinping, the president, to the UK next week, they added.

It will be hailed as a breakthrough by President Xi’s British hosts, who are preparing to give the communist party leader a five-star welcome in an effort to gain an edge over the UK’s European rivals in attracting Chinese investment.

“London has been chosen ahead of other financial centres in Europe and the US,” said one official familiar with Mr Xi’s visit. “This shows that Beijing has decided that London is the preferred location in which to build an offshore centre for renminbi exchange and investment in a non-Chinese timezone.”

Jinny Yan, economist at Standard Chartered Bank in London, said: “These will be the first China renminbi government bond issues outside China. The purpose is not so much to raise funds as to open up an offshore renminbi debt market for the first time.”

China is keen to promote the renminbi as an international currency that is representative of Beijing’s growing economic and diplomatic clout. It wants the currency to be used not only as a means of payment but also as an investment currency, allowing its government and corporations smooth access to raise funds overseas.

Details of the London issues remain sketchy, but officials said that a few billion renminbi in short-term PBoC notes are likely to be the first move in London. Once they have prepared the market, Beijing’s first offshore treasury bonds are set to be queued for launch.

The China Development Bank, a state-owned policy bank, has previously issued Rmb2bn of renminbi bonds in London. The UK government also issued a Rmb3bn sovereign bond in renminbi last year, the first western country to do so.

Beijing is planning a second tranche of renminbi bonds issued in London by the China Development Bank, the country’s leading source of finance for overseas investment projects.

中国将在伦敦发行人民币政府债券，在推动人民币国际化的努力中选择该市作为首个开辟主权债务市场的海外金融中心。

熟悉发行事宜的官员们表示，计划是中国央行(PBoC)先在伦敦发行一些短期债务，以奠定基础，然后再发行人民币中国国债。

上述官员们补充说，该计划很可能是中国国家主席习近平下周到访英国期间宣布的一个重大消息。

它将被习近平的英国东道主誉为一个突破。英方正准备给予这位共产党领导人五星级欢迎，以求在吸引中国投资方面获得相对于欧洲大陆竞争对手的优势。

“伦敦已被选中，跑赢欧洲和美国的其他金融中心，”一位熟悉习近平访问安排的官员表示，“这表明北京已得出结论，伦敦是在中国时区以外建立一个离岸人民币兑换和投资中心的首选之地。”

渣打银行(Standard Chartered Bank)在伦敦的经济学家严瑾(Jinny Yan)表示：“这将是中国首次在境外发行人民币国债。其目的与其说是筹集资金，不如说是开辟一个离岸人民币债市。”

中国热衷于推动人民币成为一种国际货币，足以代表北京方面日益增长的经济和外交影响力。它希望人民币不仅被用作一种支付手段，也被视为一种投资货币，从而让中国政府部门和企业得以在境外顺利募集资金。

此次伦敦发债的细节仍然不详，但官员们表示，第一步很可能是在伦敦发行数十亿元人民币的中国央行短期票据。一旦他们让市场做好了准备，北京方面的首批离岸国债将排队进入发行程序。

国有政策性银行——中国国家开发银行(CDB)此前在伦敦发行了20亿元人民币的人民币债券。英国政府去年也曾发行人民币主权债券，筹资30亿元人民币，那是西方国家首次发行人民币主权债券。

北京方面正计划由国开行在伦敦发行第二期人民币债券，该行是中国海外投资项目的头号资金来源。

译者/和风