Sept. 16 – The United Kingdom and Chinese governments recently agreed to jointly work on developing products and services denominated in the Chinese local currency RMB, in a bid to develop the City of London into another major offshore RMB market.

In a statement issued after the fourth China-U.K. Economic and Financial Dialogue attended by Chinese Vice Premier Wang Qishan and U.K. Chancellor of the Exchequer George Osborne, the representatives said they welcome the private-sector-led development of London’s RMB market and agree to monitor and support the market, addressing any risks that may raise to harm financial stability. Continue reading →