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George Osborne: Deal For London To Become Hub For Chinese Yuan ‘Worth Billions’

Posted by Ram Kumar Shrestha on January 16, 2012

Plans for London to become the international trading centre for China’s currency have been announced on a visit to Hong Kong by Chancellor George Osborne.

The treasury said that the plans could bring billions of revenue into the City.

Speaking at the start of a three-day trip to Asia, Osborne said that the Chinese yuan, also known as the renminbi, was increasingly looking to trade beyond China’s borders and that London was perfectly suited to meet that demand.

“There is a very specific opportunity for Britain as China grows as an economy,” Osborne told the BBC’s Today programme.

“I’ve concluded an agreement with the Chinese, and with the Hong Kong authorities as well, for London to develop as the financial centre for the Chinese currency as it becomes more internationally used.”

China has recently relaxed controls on the value of its currency as its economy continues to open up to international markets. A report by Chatham Houserecently argued that its importance would grow dramatically once trading hubs are established.

An initial agrement for London to work with Hong Kong to trade the yuan internationally was reached over the summer.

In statements released on Monday the UK treasury and the Hong Kong Monetary Authority said they will help to create a forum for banks to cooperate on trading the currency. Read the rest of this entry »

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