The British government will today roll out the red carpet for Chinese banks looking to expand in London, offering to break down regulatory barriers to reinforce London’s position as a global renminbi hub.
George Osborne, the chancellor, is expected to offer the prospect of special terms to China’s state-owned banks as part of his “personal mission” to make London a significant Chinese offshore banking centre.
The chancellor signalled his intent yesterday in Beijing, when he said: “A great nation like China should have a global currency.” China, he said, should seek to develop the RMB “through the international centre of finance: London”.
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