UK opens sovereign offshore renminbi market

The United Kingdom priced the first non-Chinese sovereign offshore renminbi bond on Tuesday, in a move that points to the currency's growing global appeal and the UK's desire for London to be the major offshore renminbi hub. The transaction attracted around Rmb5.8bn of demand from 85 accounts, well in excess of the Rmb3bn (£300m) deal size, making it the largest ever renminbi bond issued by a …