London seeks major role in yuan trading
The UK Treasury has announced plans to make London the leading international centre for trading China’s currency, the yuan, also known as the renminbi.
“London is perfectly placed to act as a gateway for Asian banking and investment in Europe,” said UK Chancellor George Osborne.
Bankers say the plans could bring billions of pounds into the City.
China has been gradually relaxing strict controls on the value of its currency and on flows of capital.
Mr Osborne, who arrived in Hong Kong on Monday at the start of a visit to Asia, said he would be holding talks “on establishing London as the new hub for the renminbi market as a complement to Hong Kong”.
The City (read City of London – AV), he said, as the world’s largest centre for foreign exchange, was “uniquely placed to assist in the development of this exciting market”.
According to Treasury officials, the new partnership with Hong Kong puts London in pole position to be the major centre for trading the Chinese currency outside China and Hong Kong.
Source: BBC News Read more
The City of London (not the capital city of England) Corporation wants to control the yuan, just as it has controlled the major currencies of the world. It sees the writing on the wall that the dollar is doomed as the international currency and the yuan (or renminbi) will replace it and wants to control the action.
Not sure what the City of London Corporation is…