UK-China ties cemented with bond issuance

Agreement comes as bilateral trade expected to reach $80b this year

The UK government's issuing on Oct 14 of a three-year, yuan-denominated bond worth $490 million - becoming the first sovereign to do so - strengthens London's position as the preferred Western hub for offshore renminbi trading, and marks a milestone for the Chinese currency's internationalization process.

Competition among the offshore renminbi centers - Singapore, London, Paris, Frankfurt and Luxembourg so far - has intensified as Beijing steps up efforts to promote the wider use of its currency.