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IFC Opens London Markets to Commemorate First London-Listed Renminbi Bonds



(photo credit London Stock Exchange Group)


On March 26, 2014, IFC Executive Vice President and CEO Jin-Yong Cai rang the opening bell on the London Stock Exchange to commemorate the Corporation's first London-listed renminbi bonds. 


"IFC is committed to supporting the development of China’s capital markets and the internationalization of the renminbi”, Cai said. “The success of IFC's first London-listed issue demonstrates the strength of this platform for attracting international investment in offshore renminbi”. 

The Financial Secretary to the U.K. Treasury, Sajid Javid, said: "I am delighted that IFC has listed its first renminbi bond in London. This is a real vote of confidence. Already nearly two thirds of all renminbi trading outside of Mainland China and Hong Kong takes place in London and IFC’s decision to issue here provides yet more evidence that the capital is the western hub for renminbi. The government will continue to work very closely with the private sector, and the Chinese and Hong Kong authorities, to build a thriving renminbi market in London.”

In March 2014, IFC raised 2 billion renminbi from a range of international investors through the bond offering in an effort to support the internationalization of the Chinese currency.  On March 4, IFC issued 1 billion in renminbi-denominated bonds, which marked the first benchmark renminbi bond on the London Stock Exchange by a multilateral institution. The bond offering attracted investors from around the world, signaling continued confidence in the outlook for the Chinese currency. Tapping continued investor interest, IFC doubled the issue on March 13. Proceeds of the bonds will be used for IFC’s onshore investments in China.

IFC previously pioneered the international issuance of renminbi-denominated bonds in China (Panda bonds) and Hong Kong (Dim Sum bonds). IFC was also the first to set up a program to regularly issue offshore renminbi-denominated discount notes. 

In China, IFC focuses on private sector investments that help fight climate change, enable rural development, and promote sustainable Chinese investments overseas. Since 1985, IFC has invested about $7 billion (around 42 billion yuan) in more than 270 projects in the country, including nearly 3 billion yuan in local-currency investments. 

Please click on the following links to access the press release and for additional information on IFC’s 1 Billion Renminbi-Denominated Bond and IFC and the United Kingdom – Partners in Private Sector Development.  

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