George Osborne’s efforts to put London at the centre of the fast-growing renminbi trade progressed this week with the launch of direct trading between the British and Chinese currencies and a fresh push for UK investors to tap China’s markets.
The UK chancellor was hosting Li Keqiang, China’s premier, and Zhou Xiaochuan, central bank governor, at a forum to boost bilateral financial ties.
China is keen to expand its banks’ activities in the UK, while London – the biggest centre in the $5tn a day foreign exchange market – wants to cement its place as the main western hub for offshore renminbi business, as Beijing promotes international use of the currency and gradually opens its capital markets.
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