The people's bank of china rolled out its first debt offering outside the country in a high-profile showcase during President Xi Jinping's state visit to Britain last week. There was overwhelming demand for the Rmb5bn (US$788m) one-year bonds, issued in London. International investors accounted for half of the order book, a factor that should help put the renminbi on track to becoming an international reserve currency-a cornerstone of Xi's economic policy. The small, well-received offering was also diplomatically motivated. The central bank's inaugural Dim Sum issue came exactly one year after the UK sold the first offshore renminbi bond from a foreign sovereign. The central bank drew orders of more than Rmb30bn. Of the 91 orders in the final book, just over half came from Asia, while 25% came from the US and 24% from Europe.
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