jun 18, 2014 - First UK - China Financial Forum: Chancellor speech
Description:
"Modern finance is constantly changing...emergence of China's currency as one of the world's leading currencies will be the next huge change...I want the City to facilitate that change and be central to it...that presents huge opportunities...we are the world's leading financial centre"
-Bank dependent, the success of political ambition relies on business activity, as much as business opportunity / success relies on political activity / decisions
Achievements:
1) PBoC selects CCB as RMB clearing bank in London
2) UK Export finance provider of guarantees for RMB denominated transactions
3) China awards new licences to UK companies for investment into china - UK asset managers, HSBC asset management, Blackrock UK subsidiary
4) China launches direct training between sterling and RMB on the China foreign exchange trading system
Ambitions:
1) Links between financial markets to grow further
2) Chinese individuals and institutions should be able to invest in London's global capital markets
3) British business growth particularly in Shanghai Free Trading Zone
4) Chinese companies to set up international headquarters in London
Added to timeline:
RMB internationalisation
Dissertation timeline
Date:
