The British "Financial Times" said on Tuesday that, Xi is expected to announce China's plan to issue its Renminbi (RMB) sovereign bonds in London during his visit there, following UK's insurance of western world's first sovereign RMB bond last October.
China and Britain have witnessed strengthened cooperation in financial services in recent years, and the city of London has been playing a key role in China's efforts to push for yuan's internationalization.
In 2011, UK established the city of London as a RMB offshore business center, and has seen rapid growth of RMB activity since then.
In mid-June last year, during the visit of Premier Li Keqiang to London, China Construction Bank was appointed the official RMB clearing bank in London, followed by a series of memorandum of understandings signed by the two countries, regarding wide-ranging collaboration across RMB trading, clearing and product development.
Figures from the London market for 2014 showed that overall forex-related RMB businesses trading volumes in 2014 were up 143% from 2013 figures, with average daily volumes reaching 61.5 billion U.S. dollars, nearly six times as large as those in 2011, says a report by the City of London Corporation.
Mark Boleat, chairman of the City of London Corporation's Policy and Resources Committee told Xinhua on Monday, that he hope Xi's visit will "consolidate the basis for long term development of Chinese-British ties". #XiUKVisit #XiJinping
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