George Osborne will today (MON) sign a deal with Hong Kong aimed at helping turn the City into an offshore trading centre for the renminbi, in what the chancellor sees as a vote of confidence in London.
Mr Osborne believes the talks are proof that China sees London as a major financial centre and gateway to the European single market, in spite of Britain’s isolation at a Brussels summit last month.
The chancellor will agree with Norman Chan, chief executive of the Hong Kong Monetary Authority, technical measures to help London play a key role in increasing the renminbi’s standing as a major global currency.
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