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Treasury steps up efforts to turn City into renminbi trading centre

George Osborne announces move to set up forum with Hong Kong Monetary Authority

The Treasury will step up its efforts to turn the City into a major centre for trading of the renminbi by setting up a forum with the Hong Kong Monetary Authority to try to develop international trade in the Chinese currency.

The move, announced by George Osborne during a trip to Asia, was welcomed by HSBC and Standard Chartered, both London-based and big players in the region.

Stuart Gulliver, chief executive of HSBC, said it would help to cement London’s role as “the world’s leading foreign exchange market” while Peter Sands, chief executive of Standard Chartered, said growth in the offshore renminbi market would have a “significant impact on global trade”.

The market has grown rapidly since 2004 when the currency was first liberalised. © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds