China’s finance ministry will issue Rmb3bn ($458m) of bonds in London’s offshore renminbi market, a test of foreign investors' appetite for Chinese assets amid concerns about the currency’s depreciation and capital flight.

The UK government has aggressively courted renminbi business for the City of London as part of a broad push to promote greater economic ties with the world’s largest economy in terms of purchasing power. 

Providing foreign investors with a deep and liquid pool of high-quality renminbi assets is crucial to China’s goal of boosting international use of its currency. Renminbi deposits have accumulated in offshore centres including Hong Kong, London, Singapore, and Frankfurt but the supply of offshore renminbi assets has lagged.