The UK Treasury has announced plans to make London the leading international centre for trading China’s currency, the yuan, also known as the renminbi.
“London is perfectly placed to act as a gateway for Asian banking and investment in Europe,” said UK Chancellor George Osborne.
Bankers say the plans could bring billions of pounds into the City.
China has been gradually relaxing strict controls on the value of its currency and on flows of capital.
Mr Osborne, who arrived in Hong Kong on Monday at the start of a visit to Asia, said he would be holding talks “on establishing London as the new hub for the renminbi market as a complement to Hong Kong”.
The City, he said, as the world’s largest centre for foreign exchange, was “uniquely placed to assist in the development of this exciting market”.
http://www.bbc.co.uk/news/business-16571765
http://www.thisismoney.co.uk/money/news/article-2087235/Hope-City-bonanza-Osborne-secures-deal-Chinese-currency-market-UK.html
http://www.channel4.com/news/uk-to-become-chinese-currency-hub
http://uk.reuters.com/article/2012/01/16/uk-britain-yuan-idUKTRE80E0RI20120116?feedType=RSS&feedName=domesticNews
http://news.uk.msn.com/osborne-makes-warning-on-eurozone
More links on City of London banksters item as UK government Chancellor of the Exchequer, George Osborne, signs historic deal with China and Hong Kong as UK joins forces with Chinese Yuan:
(Financial Times) – George Osborne will sign a deal on Monday with Hong Kong aimed at helping turn the City into an offshore trading centre for the renminbi in what the chancellor sees as a vote of confidence in London.
Osborne believes the talks are proof that China sees London as a significant financial centre and gateway to the European single market, in spite of Britain’s isolation at a Brussels summit last month.
The chancellor will agree with Norman Chan, chief executive of the Hong Kong Monetary Authority, technical measures to help London play an important role in increasing the renminbi’s standing as a big global currency.
The two men will set up a forum investigating synergies between the UK and Hong Kong, including looking at clearing and settlement systems, market liquidity and development of new renminbi-denominated products.
The deal will give weight to attempts by Osborne to ensure that new European Union regulations do not stifle the City. He argues that London is a large asset not just for Britain but as a financial center serving the whole of the European Union.
http://edition.cnn.com/2012/01/15/business/uk-london-china-yuan/?hpt=hp_t2
http://www.huffingtonpost.co.uk/2012/01/16/george-osborne-deal-for-london-chinese-yuan-renmenbi_n_1208420.html
http://www.gtglobaltrader.com/news/london-set-become-hub-chinese-currency-trading
http://news.sky.com/home/business/article/16149945
http://news.sky.com/home/business/article/16150292
http://www.moneyobserver.com/news/12-01-16/london-first-international-yuan-trading-hub
