The push for London to become a primary trading hub for the renminbi continues after UK chancellor George Osborne signed a deal with Hong Kong, aimed at fostering greater cooperation in the drive to globalize the currency. The agreement follows last summer’s landmark accord, in which the UK and Chinese governments welcomed the development of the offshore renminbi market in London.
In a move that further distances London from European calls for a financial transactions tax, the Hong Kong Monetary Authority (HKMA) and the UK Treasury on January 16 announced the launch of a joint private-sector forum aimed at promoting the development of offshore renminbi business.
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