Post by Bob on Sept 9, 2011 8:30:45 GMT 1
China and the UK are to develop an offshore trading hub for the yuan based in London.
UK Chancellor George Osborne confirmed the agreement after meeting with Chinese vice-premier Wang Qishan in the UK.
"We agreed to collaborate on the development of renminbi-denominated financial products and services in London," he said.
Trading in the yuan is gradually being liberalised.
As the yuan has slowly been appreciating and becoming more flexible, Hong Kong has been the only place that China has allowed as a centre for deposits in the Chinese currency.
UK Chancellor George Osborne confirmed the agreement after meeting with Chinese vice-premier Wang Qishan in the UK.
"We agreed to collaborate on the development of renminbi-denominated financial products and services in London," he said.
Trading in the yuan is gradually being liberalised.
As the yuan has slowly been appreciating and becoming more flexible, Hong Kong has been the only place that China has allowed as a centre for deposits in the Chinese currency.