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London Becomes Key Offshore Yuan Hub After UK-China Pact

2/6/2026

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Summary

Story summary

London solidifies its status as an offshore yuan hub after a UK-China Financial Working Group agreement in Beijing during British Prime Minister Keir Starmer's state visit.
UK Economic Secretary Lucy Rigby emphasized the UK-China financial potential.
The joint statement recognized London as a vibrant offshore yuan market.
China pledged to support UK banks creating yuan-denominated products.
Bank of China London was designated the second yuan clearing bank.

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Story summary

London solidifies its status as an offshore yuan hub after a UK-China Financial Working Group agreement in Beijing during British Prime Minister Keir Starmer's state visit.
UK Economic Secretary Lucy Rigby emphasized the UK-China financial potential.
The joint statement recognized London as a vibrant offshore yuan market.
China pledged to support UK banks creating yuan-denominated products.
Bank of China London was designated the second yuan clearing bank.