World Bank arm IFC boosts the Renminbi's internationalisation drive through a RMB1 billion issuance on the London Stock Exchange.

The International Finance Corporation, a member of the World Bank Group, has announced plans to issue Renminbi-denominated bond worth RMB1 billion ($165 million) on the London Stock Exchange in March 2014 to help boost currency's internationalisation drive.

In a statement on its website, the IFC said that it is committed to boosting foreign investment into China and strengthen international demand for offshore RMB bonds. The issuance in one of the world's largest financial centres will reportedly help achieve this goal, while providing an alternative source of RMB funding for investment in China. 

"IFC supports the development of China’s financial sector by working with the government to create a regulatory and legal environment that supports the growth of financial services, promotes the micro-finance industry, strengthens commercial banks, and develops the country's financial and capital markets. Mature financial and capital markets allow companies to efficiently raise financing so they can grow and create jobs," said the group. 

IFC previously launched the international issuance of RMB-denominated bonds in China, called Panda bonds, and Hong Kong, called dimsum bonds. It is also one of the first to set up a programme that regularly issues offshore RMB-denominated discount notes. 

HSBC, ICBC and JP Morgan have been appointed as lead arrangers for the bond.