Opposite one corner of the Bank of England stands the Bank of China, with the red national flag proudly pointing towards the Old Lady of Threadneedle Street. On another corner is the home of Agricultural Bank of China and less than 100m away is ICBC.
Drawn on a map, they encircle the City’s most important institution and symbolise how China’s biggest financial institutions are growing closer to the heart of London’s business.
The UK capital’s position partly rests on its status as the world’s largest hub for foreign exchange and over-the-counter derivatives trading, where deals worth billions of dollars are executed daily.
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