China issues first offshore renminbi note in London

BEIJING: China's central bank has issued its first offshore renminbi note in London coinciding with President Xi Jinping's high-profile visit to the UK as the communist giant ramps up efforts to internationalise its currency.

The People's Bank of China said that it was the first time that renminbi note has been issued outside China and it will help explore an offshore renminbi market and facilitate cross-border trade and investment.

The renminbi is the official currency of the People's Republic of China.

The note is worth five billion yuan ($786 million) with an interest rate of 3.1 per cent, the central bank said in an online statement.

The move follows the agreements reached at the 7th China-UK Economic and Financial Dialogue in September.