The United Kingdom became the first country to issue yuan-denominated bonds. The move by the British government is likely to be one of the most important in the world's de-dollarization. On October 14, HM Treasury carried out a debut issuance of 3-year renminbi bonds with a total worth of 3 billion yuan paying 2.7%. That is 300 million British pounds or 488 million U.S. dollars. According to the British Treasury’s press release, orders for the government bond denominated in renminbi totaled a whopping $5.8 billion. The Bank of China, HSBC and Standard Chartered are leading the syndication of the bond. The finance ministry said the bond would be used to finance Britain's foreign reserves.
