Britain expects China today to declare its support for attempts by UK banks to turn the City of London into an offshore trading centre for the renminbi, in a move that could give fresh impetus to economic relations between the two states.
George Osborne, the UK chancellor, is preparing to hold talks today in London with Wang Qishan, Chinese vice-premier. British officials say China will back the private sector’s interest in developing renminbi trading in London.
The visit comes just three months after a trip to London by Chinese premier Wen Jiabao, in which he expressed anger at the way David Cameron has publicly criticised human rights violations in China.
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