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London Emerges as Key Offshore Yuan Hub After UK-China Deal

2/6/2026

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Summary

Story summary

London solidifies its role as a key offshore yuan hub after a UK-China financial cooperation agreement announced at the first UK-China Financial Working Group meeting in Beijing.
Lucy Rigby, the UK's economic secretary, highlighted UK-China financial potential and pledged support for UK-based institutions in yuan-denominated products.
The joint statement acknowledged London as a vibrant offshore yuan market.
Bank of China’s London branch was named the UK's second yuan clearing bank.

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Story summary

London solidifies its role as a key offshore yuan hub after a UK-China financial cooperation agreement announced at the first UK-China Financial Working Group meeting in Beijing.
Lucy Rigby, the UK's economic secretary, highlighted UK-China financial potential and pledged support for UK-based institutions in yuan-denominated products.
The joint statement acknowledged London as a vibrant offshore yuan market.
Bank of China’s London branch was named the UK's second yuan clearing bank.