British Chancellor George Osborne told an audience during his trip to Asia that the UK Treasury wants to work with Hong Kong to serve as “a gateway for Asian banking and investment in Europe”.
London is already the world’s largest center for foreign exchange and as China relaxes its strict controls on its currency, the Chancellor believes London is the natural choice for a hub for trading the renminbi. An intergovernmental agreement that London and Hong Kong would work together on yuan trading was reached last summer.
Source: BBC News
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