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London intends to lead offshore RMB trading

2012-09-10 15:46     Web Editor: Mo Hong'e comment
Alderman David Wootton, Lord Mayor of the City of London [Photo:]

Alderman David Wootton, Lord Mayor of the City of London [Photo:]

London is hoping to lead in the next stage of offshore renminbi trading. Lord Mayor of the City of London Alderman David Wootton revealed this to our London correspondent Tu Yun ahead of his visit to China.

Woooten will head a delegation made up of bankers and corporate executives for a ten-day visit starting on Wednesday.

It comes some two months after the City's new Chairman of the Policy and Resources Committee, Mark Boleat's, visit to Beijing to try to promote renminbi-denominated trading in London.

"Those being dialogue particularly about the internationalization of the Rmb. So the conversations are a bit further on. We'll be seeing some of the same people as Mr. Boleat did. I'll be seeing other people as well."

China and Britain launched an initiative in April to make London a leading hub for international renminbi business.

Some see it as a challenge to Hong Kong, the forerunner in offshore renminbi trading, which is aimed at being a global center of RMB business.

"We see London as a complementary in this area to Hong Kong. We don't see Hong Kong as competing. We see ourselves as effectively in partnership. It's not that we want to catch up with Hong Kong. It's we want to be the leaders in the next stage."

Wooton is scheduled to meet Hong Kong's Chief Executive before holding talks in Beijing with officials of China's banking, insurance, and securities regulatory commissions, and the country's central bank.

He will then go to Shanghai to promote London's maritime services at an annual seminar.

"Very much looking forward to going on this visit. It's to promote bilateral trading relations, bilateral investment encouraging Chinese businesses to invest in the UK and opening up new possibilities for British companies to do business in China. We'd like China to continue to see Britain, particular London, as a gateway to Europe."

Wooton and his delegation will also visit the Shenzhen Stock Exchange and some Chinese enterprises.


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