Osborne's China deal makes London renminbi hub outside Asia
a China-UK Infrastructure Alliance will be established to increase co-operation on major projects
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.London is to become the major centre for trading in China’s currency outside Asia under an agreement made by the Chancellor, George Osborne, during his trip to Beijing.
The deal will see the People’s Bank of China issuing short-term central bank renminbi bonds in London – the first time it has done so outside China.
“I want the UK to be the natural Western hub for renminbi trading,” Mr Osborne said. “We should be doing more business with China, we should be better connected with China economically, our financial institutions should establish stronger links.”
He was speaking at the end of the annual UK-China Economic and Financial Dialogue in Beijing, which resulted in 53 agreements, including Chinese support for the Chancellor’s Northern Powerhouse scheme to boost the North of England.
Also confirmed was the first meeting of a China-UK Bilateral Investment taskforce to take place within a few weeks.
Meanwhile a China-UK Infrastructure Alliance will be established to increase co-operation on major projects in the two countries as well as third markets – including areas covered by China’s proposed “New Silk Road” to link Beijing with Europe.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments