China's central bank has hired banks to arrange its debut offshore yuan bond issuance in London, according to a term sheet seen by Reuters on Monday. [Special coverage]
The so-called dim sum bond sale comes as Chinese President Xi Jinping undertakes a State visit to Britain this week.
Sources have told Reuters the People's Bank of China, the central bank, plans to issue up to 5 billion yuan ($787 million) of one-year bills in London.
Industrial and Commercial Bank of China and HSBC are joint global coordinators of the deal, the term sheet showed.
China is stepping up efforts to have its currency included in the IMF's Special Drawing Rights basket by selling a slew of offshore yuan bonds beyond Hong Kong.
