UK, China boost financial ties, deepen London’s role as offshore yuan hub

South China Morning PostEN 1 min read 100% complete by Xiaofei XuFebruary 6, 2026 at 02:00 PM

AI Summary

short article 1 min

A recent meeting of the UK-China Financial Working Group in Beijing has strengthened financial ties between the two countries, solidifying London's position as a leading offshore yuan hub. The agreement aims to facilitate cross-listing of companies in both markets and promote the internationalization of the yuan. China recognized London's significance as a vibrant offshore yuan market and pledged support for UK-based Chinese financial institutions developing yuan-denominated products. The Bank of China's London branch was designated as the second "yuan clearing bank" in the UK, further streamlining international yuan transactions. The meeting, co-chaired by UK Economic Secretary Lucy Rigby and China's central bank governor Pan Gongsheng, occurred during British Prime Minister Keir Starmer’s state visit.

Key Entities & Roles

Key Player Opposition Context

Bank of China 50% Pan Gongsheng 60% Lucy Rigby 70% Keir Starmer ×280% China ×280% United Kingdom ×290%

Keywords

offshore yuan hub 100% yuan trading 80% yuan clearing bank 80% financial ties 70% yuan-denominated financial products 70% financial cooperation 60% uk-china financial working group 60% financial services 50% internationalisation 40%