HSBC renminbi deal sets out London’s stall

A London market for offshore renminbi is still no more than nascent. But HSBC’s carefully choreographed Rmb2bn deal this week, the first to be executed in London, has been hailed even by rivals as an important step in the development of the asset class. Whether it will help the City to be a “bridge between East and West”, in the words of UK chancellor George Osborne, remains to be seen. But as Katie Llanos-Small writes, the prospects look strong.