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China Encourages Europe &Nbsp, Supports London To Build RMB Offshore Market

2011/9/9 13:51:00 25

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China Encourages European Yuan To Offshore

The fourth Sino British economic and financial dialogue was held in London on the 8 th.

Chinese/English

Sustained and steady development of economic relations has injected new impetus.

Wang Qishan, vice premier of the State Council, said in his speech that at present, the world economic situation is extremely complex and uncertain, and the turbulence in the international financial market has intensified.

He further pointed out that China has confidence in the European economy and the euro, and supports the measures adopted by the eurozone, the European Union and the International Monetary Fund. It believes that Europe has the ability and wisdom to overcome the current difficulties and get out of the crisis.

China and Britain have reached some important agreements through dialogue, including deepening trade between the two sides.

Investment

We will work together to create new bright spots for infrastructure, high-end manufacturing, new energy, energy conservation and environmental protection, and strive to achieve the goal of bilateral trade volume reaching US $100 billion in 2015.

The two sides will continue to strengthen financial cooperation, start capital market audit supervision cooperation negotiations, and promote healthy development of capital markets in both countries.

The British side supports the timely introduction of RMB into special drawing rights, welcomes Chinese financial institutions to carry out business in the UK, continues to open markets to investors including sovereign wealth funds, and effectively protects investors' rights and interests.

The two sides signed a memorandum of understanding to strengthen cooperation in infrastructure and a memorandum of understanding to strengthen cooperation in the field of energy.

Zhou Xiaochuan, governor of the people's Bank of China, said during the fourth Sino British economic and financial dialogue.

RMB

Cross border use is a gradual process, respecting market choice.

Zhou Xiaochuan welcomed the private sector's interest in the development of London's offshore renminbi market and the latest developments in the market.

He said that in the fourth Sino British economic and financial dialogue, the industry and private sector of the city of London expressed the desire to make use of the London financial centre to promote the construction of offshore RMB market.

The people's Bank of China will work with the British side to support the future development of the market and to solve the potential financial stability risks.

Zhou Xiaochuan said he will strive to develop and promote trade and investment facilitation, but mainly respect market choice.

Meanwhile, Zhou Xiaochuan believes that the development of the RMB offshore market in London will not have an impact on Hongkong, because Hongkong has a special advantage, which is very close to the mainland and Asian markets.

Osborn, British Chancellor of the exchequer, said at a news conference on 8 July that China and Britain will work together to develop offshore renminbi market in London. The two sides are ready to support the market.

London will join in the competition for the expanding offshore market share of the renminbi.