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London’s nascent Renminbi market has made waves today after China issued its first sale of offshore government debt. London has been at the top of a very short list along with New York, Hong Kong, and Singapore are looking to establish themselves as Renminbi trading centers and beacons for the sale of government debt, a stance that was reflective of the high demand for the sale today after borrowing $457 million (RMB 3 billion).
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In particular, the finance ... (read more)