UK, China boost financial ties, deepen London’s role as offshore yuan hub
New pact designates a new yuan clearing bank, boosts cross-listings and expands green finance, accelerating the international use of China’s currency
London has cemented its role as a leading offshore hub for China’s yuan, according to a new financial cooperation agreement that also aims to ease the cross-listing of firms in each other’s markets.
This emerged from the first meeting of the UK-China Financial Working Group, which convened in Beijing on Saturday. The meeting coincided with the final day of British Prime Minister Keir Starmer’s state visit.
The meeting’s outcome and a joint statement were not made public until Friday.
“The potential that stems from the deepening of the UK’s financial services relationship with China is huge,” said the United Kingdom’s economic secretary to the Treasury, Lucy Rigby, in a separate British statement.