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HSBC sets yield on London bond

(Global Times)

08:15, April 20, 2012

HSBC Holdings PLC announced Thursday it has set the yield on its London-bound 2 billion yuan ($300 million) bond at 3 percent. The bond, which HSBC announced on Wednesday, will be the first yuan-denominated bond sold outside of China's sovereign territories.

The issuance of this bond is another step in London's development as an international trading center for the yuan, said Stuart Gulliver, HSBC's chief executive.

The new bond will also promote the internationalization of China's currency by opening the market to Europe, HSBC said.

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