London set for a role in yuan transactions
<p><span word="London">London</span> <span word="is">is</span> <span word="set">set</span> <span word="to">to</span> <span word="become">become</span> <span word="a">a</span> <span word="major">major</span> <span word="offshore">offshore</span> <span word="trading">trading</span> <span word="center">center</span> <span word="for">for</span> <span word="the">the</span> <span word="yuan">yuan</span>, <span word="as">as</span> <span word="Britain">Britain</span> <span word="teams">teams</span> <span word="up">up</span> <span word="with">with</span> <span word="Hong">Hong</span> <span word="Kong">Kong</span> <span word="to">to</span> <span word="develop">develop</span> <span word="such">such</span> <span word="business">business</span>.</p><p><span word="The">The</span> <span word="Hong">Hong</span> <span word="Kong">Kong</span> <span word="Monetary">Monetary</span> <span word="Authority">Authority</span> (<span word="HKMA">HKMA</span>) <span word="and">and</span> <span word="the">the</span> <span word="UK">UK</span> <span word="Treasury">Treasury</span> <span word="on">on</span> <span word="Monday">Monday</span> <span word="agreed">agreed</span> <span word="to">to</span> <span word="launch">launch</span> <span word="a">a</span> <span word="private">private</span>-<span word="sector">sector</span> <span word="forum">forum</span> <span word="to">to</span> <span word="strengthen">strengthen</span> <span word="links">links</span> <span word="between">between</span> <span word="Hong">Hong</span> <span word="Kong">Kong</span> <span word="and">and</span> <span word="London">London</span> <span word="in">in</span> <span word="such">such</span> <span word="areas">areas</span> <span word="as">as</span> <span word="clearing">clearing</span> <span word="and">and</span> <span word="settlement">settlement</span>, <span word="market">market</span> <span word="liquidity">liquidity</span> <span word="and">and</span> <span word="the">the</span> <span word="development">development</span> <span word="of">of</span> <span word="new">new</span> <span word="yuan">yuan</span>-<span word="denominated">denominated</span> <span word="products">products</span>, <span word="the">the</span> <span word="HKMA">HKMA</span> <span word="said">said</span> <span word="in">in</span> <span word="a">a</span> <span word="news">news</span> <span word="release">release</span>.</p><p><span word="The">The</span> <span word="forum">forum</span> <span word="will">will</span> <span word="have">have</span> <span word="representatives">representatives</span> <span word="from">from</span> <span word="financial">financial</span> <span word="institutions">institutions</span> <span word="in">in</span> <span word="Hong">Hong</span> <span word="Kong">Kong</span> <span word="and">and</span> <span word="London">London</span>, <span word="including">including</span> <span word="HSBC">HSBC</span> <span word="Holdings">Holdings</span> <span word="PLC">PLC</span>, <span word="Standard">Standard</span> <span word="Chartered">Chartered</span> <span word="PLC">PLC</span>, <span word="Bank">Bank</span> <span word="of">of</span> <span word="China">China</span> <span word="Ltd">Ltd</span>, <span word="Deutsche">Deutsche</span> <span word="Bank">Bank</span> <span word="AG">AG</span> <span word="and">and</span> <span word="Barclays">Barclays</span> <span word="PLC">PLC</span>. <span word="It">It</span> <span word="will">will</span> <span word="meet">meet</span> <span word="twice">twice</span> <span word="a">a</span> <span word="year">year</span>, <span word="and">and</span> <span word="the">the</span> <span word="first">first</span> <span word="meeting">meeting</span> <span word="will">will</span> <span word="be">be</span> <span word="held">held</span> <span word="in">in</span> <span word="Hong">Hong</span> <span word="Kong">Kong</span> <span word="in">in</span> <span word="May">May</span>, <span word="it">it</span> <span word="said">said</span>.</p><p><span word="China">China</span> <span word="and">and</span> <span word="Britain">Britain</span> <span word="agreed">agreed</span> <span word="in">in</span> <span word="September">September</span> <span word="to">to</span> <span word="cooperate">cooperate</span> <span word="on">on</span> <span word="the">the</span> <span word="development">development</span> <span word="of">of</span> <span word="the">the</span> <span word="offshore">offshore</span> <span word="yuan">yuan</span> <span word="business">business</span> <span word="and">and</span> <span word="develop">develop</span> <span word="London">London</span> <span word="into">into</span> <span word="an">an</span> <span word="offshore">offshore</span> <span word="yuan">yuan</span> <span word="market">market</span>.</p><p><span word="UK">UK</span> <span word="Chancellor">Chancellor</span> <span word="of">of</span> <span word="the">the</span> <span word="Exchequer">Exchequer</span> <span word="George">George</span> <span word="Osborne">Osborne</span> <span word="said">said</span> <span word="in">in</span> <span word="Hong">Hong</span> <span word="Kong">Kong</span> <span word="on">on</span> <span word="Monday">Monday</span> <span word="that">that</span> <span word="the">the</span> <span word="intention">intention</span> <span word="was">was</span> <span word="to">to</span> "<span word="establish">establish</span> <span word="London">London</span> <span word="as">as</span> <span word="a">a</span> <span word="new">new</span> <span word="hub">hub</span>" <span word="for">for</span> <span word="the">the</span> <span word="yuan">yuan</span>.</p><p>"<span word="It">It</span>'<span word="s">s</span> <span word="clear">clear</span> <span word="that">that</span> <span word="there">there</span> <span word="is">is</span> <span word="scope">scope</span> <span word="for">for</span> <span word="a">a</span> <span word="substantial">substantial</span> <span word="expansion">expansion</span> <span word="of">of</span> <span word="the">the</span> <span word="yuan">yuan</span> <span word="market">market</span> <span word="in">in</span> <span word="the">the</span> <span word="coming">coming</span> <span word="years">years</span>," <span word="he">he</span> <span word="told">told</span> <span word="a">a</span> <span word="meeting">meeting</span> <span word="of">of</span> <span word="Asian">Asian</span> <span word="finance">finance</span> <span word="officials">officials</span> <span word="and">and</span> <span word="executives">executives</span>.</p><p><span word="He">He</span> <span word="added">added</span> <span word="that">that</span> <span word="London">London</span> <span word="was">was</span> <span word="perfectly">perfectly</span> <span word="placed">placed</span> <span word="to">to</span> <span word="be">be</span> <span word="a">a</span> <span word="gateway">gateway</span> <span word="for">for</span> <span word="Asian">Asian</span> <span word="investment">investment</span> <span word="and">and</span> <span word="banking">banking</span> <span word="to">to</span> <span word="Europe">Europe</span> <span word="and">and</span> <span word="as">as</span> <span word="a">a</span> <span word="bridge">bridge</span> <span word="to">to</span> <span word="the">the</span> <span word="United">United</span> <span word="States">States</span>.</p><p><span word="Osborne">Osborne</span> <span word="said">said</span> <span word="establishing">establishing</span> <span word="London">London</span> <span word="as">as</span> <span word="an">an</span> <span word="offshore">offshore</span> <span word="center">center</span> <span word="for">for</span> <span word="yuan">yuan</span>-<span word="denominated">denominated</span> <span word="settlements">settlements</span> <span word="will">will</span> <span word="benefit">benefit</span> <span word="China">China</span>'<span word="s">s</span> <span word="economic">economic</span> <span word="development">development</span> <span word="as">as</span> <span word="well">well</span> <span word="as">as</span> <span word="Britain">Britain</span>'<span word="s">s</span>.</p>
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