When Chinese vice-premier Wang Qishan visited London in September 2011 to attend the fourth annual China-UK Economic and Financial Dialogue, he gave formal backing to moves by UK banks to develop the city as an offshore centre for renminbi trading in Europe. Both Chinese and UK representatives saw London's potential to complement Hong Kong’s offshore renminbi trading role in Asia.
In a joint statement both sides “welcomed the private sector interest in developing the offshore renminbi market in London and the growth of the market to date”, and, following the visit, UK officials were keen to talk up the UK’s unique status in Europe as the only country to discuss economic and financial services at top ministerial levels.
