Tweet
Britain to be China's 'bridge' into western markets, says George Osborne
People's Bank of China to begin issuing short-term renminbi denominated debt in London 'in the near future'
Chinese Vice President Ma Kai (third right) meeting with Chancellor of the Exchequer George Osborne (third left) during the 7th China-UK strategic economic dialogue at Diaoyutai State Guesthouse in Beijing Photo: Getty
The most powerful diesels according to Ben Collins Former Stig Ben Collins says that performance is about engineering, technology and using the right fuel
Sponsored by Shell
By Neil Connor, in Beijing
1:28PM BST 21 Sep 2015
2 Comments
China’s central bank will start to issue short-term debt in London, the Chancellor announced on Monday at the end of high-level talks with Chinese leaders.
In the first such move outside the country, George Osborne said the People's Bank of China's decision to issue renminbi bonds in London would "cement" the capital's position as "China’s bridge into Western financial markets".
It was one of 53 agreements announced at the end of the UK-China Economic and Financial Dialogue which was being held in the Chinese capital, where Mr Osborne’s passion for China has been strongly evident.
“I have strongly supported China’s efforts to increase the international use of the reminbi,” said Mr Osborne.
“And make no doubt about it, I want the UK to be the natural Western hub for renminbi trading."
Monday's announcement follows the UK government's successful issuance of a sovereign renminbi bond last October.
The Treasury said that the PBoC would begin issuing debt denominated in China's currency "in the near future".
“This is a major step in developing this market infrastructure. I believe it cements London as the pre-eminent location for RMB trading and Chinese investment in the West,” said Mr Osborne.
Chinese Vice Premier Ma Kai (right) shakes hands with Britain's Chancellor of the Exchequer George Osborne (left) before the start of the 7th China-UK strategic economic dialogue at Diaoyutai State Guesthouse, in Beijing, China. Photo: Reuters
The Chancellor said he wanted Britain to be “China’s best partner in the West”, as he spoke of his desire to see the Asian economic giant “take its place at the top table”.
It came as Li Keqiang, China's premier, reiterated that there was no basis for continued yuan depreciation, a month after the PBoC devalued the currency for the first time in modern history.
"We will actively nurture capital markets that are open, transparent and stable in the long term," Mr Li was quoted as saying following a meeting with the Chancellor.
The UK Government also unveiled plans to co-fund a £50m high-technology nuclear research centre with China, which will be based in the UK.
The announcement followed news that the UK will provide £2bn of initial support for a new nuclear power station that will be built at Hinkley point, in Somerset, with China’s backing.
Mr Osborne said the agreement showed that Britain's relationship with China was "built on lasting economic ties and growing cooperation".
He also US Congress to back quota and governance reforms of the International Monetary Fund (IMF), which would see more power given to emerging economies like China.
Congress’s opposition has resulted in the reforms being blocked for more than two years, angering Beijing who say the institution should reflect the current global economy.
“I would urge the US Congress to ratify the IMF quota deal, which the House of Commons has ratified, which the US administration wants ratified,” Mr Osborne said.
“In the end, I think it is in the interests of everyone that all of the major economies of the world feel adequately represented in international institutions like the IMF, and I think that is a view shared across all the Western governments.”
People's Bank of China to begin issuing short-term renminbi denominated debt in London 'in the near future'
|
|
|
|
|
|
Chinese Vice President Ma Kai (third right) meeting with Chancellor of the Exchequer George Osborne (third left) during the 7th China-UK strategic economic dialogue at Diaoyutai State Guesthouse in Beijing Photo: Getty The most powerful diesels according to Ben Collins Former Stig Ben Collins says that performance is about engineering, technology and using the right fuelSponsored by Shell
By Neil Connor, in Beijing
1:28PM BST 21 Sep 2015
2 Comments China’s central bank will start to issue short-term debt in London, the Chancellor announced on Monday at the end of high-level talks with Chinese leaders.
In the first such move outside the country, George Osborne said the People's Bank of China's decision to issue renminbi bonds in London would "cement" the capital's position as "China’s bridge into Western financial markets".
It was one of 53 agreements announced at the end of the UK-China Economic and Financial Dialogue which was being held in the Chinese capital, where Mr Osborne’s passion for China has been strongly evident.
“I have strongly supported China’s efforts to increase the international use of the reminbi,” said Mr Osborne.
“And make no doubt about it, I want the UK to be the natural Western hub for renminbi trading."
Monday's announcement follows the UK government's successful issuance of a sovereign renminbi bond last October.
The Treasury said that the PBoC would begin issuing debt denominated in China's currency "in the near future".
“This is a major step in developing this market infrastructure. I believe it cements London as the pre-eminent location for RMB trading and Chinese investment in the West,” said Mr Osborne.
Chinese Vice Premier Ma Kai (right) shakes hands with Britain's Chancellor of the Exchequer George Osborne (left) before the start of the 7th China-UK strategic economic dialogue at Diaoyutai State Guesthouse, in Beijing, China. Photo: ReutersThe Chancellor said he wanted Britain to be “China’s best partner in the West”, as he spoke of his desire to see the Asian economic giant “take its place at the top table”.
It came as Li Keqiang, China's premier, reiterated that there was no basis for continued yuan depreciation, a month after the PBoC devalued the currency for the first time in modern history.
"We will actively nurture capital markets that are open, transparent and stable in the long term," Mr Li was quoted as saying following a meeting with the Chancellor.
The UK Government also unveiled plans to co-fund a £50m high-technology nuclear research centre with China, which will be based in the UK.
The announcement followed news that the UK will provide £2bn of initial support for a new nuclear power station that will be built at Hinkley point, in Somerset, with China’s backing.
Mr Osborne said the agreement showed that Britain's relationship with China was "built on lasting economic ties and growing cooperation".
He also US Congress to back quota and governance reforms of the International Monetary Fund (IMF), which would see more power given to emerging economies like China.
Congress’s opposition has resulted in the reforms being blocked for more than two years, angering Beijing who say the institution should reflect the current global economy.
“I would urge the US Congress to ratify the IMF quota deal, which the House of Commons has ratified, which the US administration wants ratified,” Mr Osborne said.
“In the end, I think it is in the interests of everyone that all of the major economies of the world feel adequately represented in international institutions like the IMF, and I think that is a view shared across all the Western governments.”
Comment