World Business NewsA round up of the latest news for those doing business internationally
London signs slew of deals to foster renminbi trading
Zone(s): UK, China ¦ Sector(s): Economy, Finance
[18 June 2014, City A.M.] By Michael Bow: The London Stock Exchange (LSE) yesterday inked agreements with two of China’s biggest banks to give businesses in China greater access to UK capital markets. The group said it had signed memorandums of understanding with Agricultural Bank of China and the Bank of China to boost London’s role as a hub for the burgeoning offshore renminbi market.
The move is designed to put London in pole position to reap China’s increasing integration into the global financial system and coincides with the first state visit by new Chinese Premier Li Keqiang.