Osborne: 'London provides Western hub for RMB business'

HSBC is to raise money in London in the Chinese currency, the renminbi (RMB), becoming the first business to issue a benchmark bond outside mainland China or Hong Kong.

HSBC said it would be raising more than 1bn renminbi (£100m) with its three-year bond.

Chancellor George Osborne said it is a step towards London being the top Western trading hub in the renminbi.

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