London seeks to become a major centre for yuan trading


In visits to Hong Kong and China this week, the British Chancellor of the Exchequer George Osborne, will discuss the details around London's role as a major new offshore trading hub for China's currency, the renminbi.

As Chinese officials gradually remove some barriers on the international trading of the renminbi (also called the yuan), British officials and companies hope a large part of this business will come to London.

Up to now most of the international trading of the renminbi has taken place in Hong Kong.

George Osborne said: "London and Hong Kong are uniquely placed to assist in the development of this exciting market."

Yet as the BBC's Juliana Liu explains, many are waiting to hear exactly how it's all going to work.

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