What's news

UK taps lenders for RMB bond issue

The UK government has selected three lenders to sell its first yuan-denominated bonds as it seeks to develop Europe's offshore trading center for the currency. Bank of China Ltd, HSBC Holdings Plc and Standard Chartered Plc will organize the benchmark-sized sale of securities and hold an investor presentation on Oct 13 in London, the Treasury said in an e-mailed statement on Thursday. Proceeds from the offering, the world's first non-Chinese sovereign bond in yuan, will be used to finance the UK's foreign-exchange reserves. Prime Minister David Cameron, who met with President Xi Jinping in the Netherlands in March, is looking to boost trade with emerging-market economies and build on London's capacity as an international financial hub.

HK shares firm up on stimulus hopes