The UK-China Financial Working Group, launched during the Prime Minister’s visit to Beijing, secured agreements to enhance financial services cooperation between the two nations. Led by Economic Secretary Lucy Rigby, the group included over 50 British business representatives, including 11 financial firms. Key outcomes include designating the Bank of China’s London Branch as the UK’s second RMB clearing bank, improving cross-border trade services. Agreements also focus on innovative biodiversity financing, such as RMB-denominated sovereign bonds, and regulatory collaboration on financial stability. The initiative aims to support 370,000 UK jobs linked to exports to China and strengthen London’s position as a global financial hub. Stakeholders welcomed the formal dialogue framework, citing benefits like new licenses and quota allocations for UK firms. The working group operates under the UK-China Economic and Financial Dialogue, reporting to UK Chancellor Rachel Reeves and Chinese Vice Premier He Lifeng.
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Original source: https://www.gov.uk/
https://www.gov.uk/government/news/landmark-agreements-secured-after-first-uk-china-financial-working-group-in-beijing
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