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.
Read the Chancellor’s speech in full to students at Peking University by clicking here
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