Britain expects China today to declare its support for attempts by UK banks to turn the City of London into an offshore trading centre for the renminbi, in a move that could give fresh impetus to economic relations between the two states.
George Osborne, the UK chancellor, is preparing to hold talks today in London with Wang -Qishan, Chinese vice-premier. British officials say China will back the private sector’s interest in developing renminbi trading in London.
The visit comes just three months after a trip to London by Chinese premier Wen Jiabao, in which he expressed anger at the way David Cameron has publicly criticised human rights violations in China.
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