CRI听力:Britain to Launch World's First RMB Bond outside China

UK's Chancellor of Exchequer George Osborne says Britain intends to become the first western country to issue a bond in the Chinese currency.

Osborne made the remarks at the 6th annual China-UK Economic and Financial Dialogue in London.

CRI's UK correspondent Duan Xuelian has more.

In a press conference to conclude the dialogue, George Osborne says that the UK government intends to be the first national government outside of China to issue a bond in the Chinese currency.

"This is a historic moment, a statement of confidence, our confidence in the potential of RMB to become a global reserve currency. Let me be clear, as China becomes a bigger and bigger part of the world's economy, their currency is going to be used around the world. We here in Britain understand that and I want us to be the first country in the west to seize the opportunities that will bring. "

The issuance will be carried out in the coming weeks subject to market condition and the proceeds from the bond will be put into the UK foreign exchange reserves, according to a statement published by the UK Treasury.

At the same time, China Development Bank has successfully issued a bond worth 2 billion RMB in London.

For his part, Chinese Vice Premier Ma Kai says these are only part of the big deals signed during the economic dialogue.

"The 6th China-UK Economic and Financial Dialogue conclude with a very fruitful outcome. If the previous economic dialogue in Beijing was to pave the way for the high-level exchange between the two nations, then this year, we gather here in London, with only one aim, to implement what our leaders have agreed on and turn them into reality. "

The economic dialogue resulted in the signing of commercial contracts worth more than 2.4 billion pounds which cover collaborations in energy, infrastructure, healthcare, education and many other sectors.

As part of the closer China-UK financial cooperation, the UK government has approved the establishment of a new branch by The Industrial and Commercial Bank of China in London.

Zhu Guangyao, China's Vice Finance Minister, who is also present at the dialogue, says this ICBC London Branch carries far-reaching significance.

"Its significance lies in the fact that British financial regulator is confident in China's financial regulatory system. I believe once the ICBC London branch is established, Chinese financial institutions such as the Construction Bank of China will follow suit, and jointly create a greater financial environment for businesses from both countries."

The ICBC is the first bank from the Chinese mainland to open a branch in the UK since 1949.

For CRI, I'm Duan Xuelian, reporting from London.