George Osborne, UK chancellor of the exchequer, moved yesterday to cement London’s position as a global hub for China’s currency, announcing investment quotas, foreign exchange trading and relaxed requirements for Chinese banks in the city.
The two countries agreed to allow direct renminbi-sterling trading in Shanghai and offshore, making the pound the fourth currency to trade directly against the renminbi, while Chinese banks will be permitted to set up branches in London.
China’s biggest banks have spurned the city, deterred by the regulatory drive towards subsidiaries with their own capital and funding requirements, preferring to base European headquarters in Luxembourg.
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