HSBC has announced that they are going to list renminbi bonds in London.

Until now, bonds in the Chinese currency have only been sold in Hong Kong but David Bloom, currency strategist at the bank, told Today programme business presenter Simon Jack that "there is something very exciting happening outside the European crisis that we have been living through".

Mr Bloom said that the move was all about opening up the renminbi to foreign exchange. "China is a world beater in terms of trade and services and this is a significant move in pushing the Chinese currency into the international field," he explained.

Mr Bloom added that "HSBC want it and they want it bad. China is opening financial services to the world and the question is do you want to be part of it or not? And the answer is yes we do".

Today's decision is timed to coincide with a speech by George Osborne, reiterating his ambition for London to be the biggest centre for dealing in Chinese currency.

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