UK kicks off dim sum issuance

The UK government has begun the planned sale of its renminbi bond, the world’s first non-Chinese sovereign bond in the currency.

The government has appointed three banks Bank of China, HSBC and Standard Chartered to help arrange the transaction, according to its website. The selection of the banks follows “a fair and rigorous process,” the government said.

The size of issuance has not been released but the government earlier said the renminbi notes would be in a similar size to a Rmb2 billion $325 million bond issued by China Development Bank in London last month.

There will be an investor presentation in London on...