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UK hires banks for first renminbi bond

Britain's finance ministry said it had appointed Bank of China, HSBC and Standard Chartered to help organize the first sale of British government debt denominated in China's renminbi currency.

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Zhang Peng | LightRocket | Getty Images

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Britain is hoping to be first Western government to issue an offshore renminbi bond as it deepens its financial links with the world's No.2 economy.

The finance ministry said on Thursday the bond would be a stand-alone issuance and of benchmark size. It would be issued in "due course," the ministry said.