Zhaoan Li, Jersey Finance’s head of business development for Greater China, said that Jersey had a ‘real opportunity’ to gain new business by making moves to issue Renminbi-denominated bonds.
She outlined the potential new area of activity to about 100 representatives of Jersey Finance member firms at a briefing yesterday at the Pomme d’Or Hotel.
Ms Li said that the Chinese were very keen to internationalise the currency and HSBC had recently issued the first Renminbi (RMB) retail bond in London when RMB 2 million (£196 million) was raised as a result.
She said that the City of London had signed an accord with the Chinese to allow funds to be raised through RMB issues, which she said were known as ‘dim sum’ bonds named after the food eaten in China.
