China Development Bank issues RMB bonds in London

China Development Bank (CDB), a state-owned policy bank, said on Monday that it had issued 2 billion yuan (325.5 million U.S. dollars) of RMB bonds in London.

This is the first time such quasi-sovereign RMB bonds have issued on the London market, the bank said in a statement.

The bonds are three, five and ten year, with fixed interest rates of 3.35 percent, 3.6 percent, and 4.35 percent, respectively.

CDB vice president Zhang Xuguang said that the bonds, backed by China's central bank and the National Development and Reform Commission, were important for offshore RMB market development, as China steadily expands the global reach of its currency .

The statement also said that Europe accounted for around 30 percent of bond purchases.