Britain and China have agreed a series of steps that will both cement London’s role as a global offshore hub for trading the Chinese currency the Renminbi (RMB) and act as the spring board for London to also become a hub for RMB investment into China.
The agreements will reinforce London’s role, in partnership with Hong Kong.
The agreement is the centrepiece of the conclusions of two-days of talks between the Chancellor George Osborne and his Chinese counterpart Vice-Premier Ma Kai as part of the Economic and Financial Dialogue (EFD) between Britain and China.
The fifth UK-China EFD was co-hosted by Mr Osborne and Chinese Vice Premier Ma Kai, and attended by senior officials from both countries. The last EFD took place in London in 2011.