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Joint support for further internationalization of
Published:6/19/2019 4:24:13 PMViews: 240
After four years of preparation, Huluntong was officially launched on the morning of June 17, local time in London, which is also one of the important achievements of the Sino-British Economic and Financial Dialogue over the past 10 years. The Sino-British economic and financial dialogue has been a great success in the past 10 years, benefiting the economies of both countries. Besides the opening of Huluntong, the main achievements in the financial field include: Britain's accession to the Asian Investment Bank, the establishment of a RMB clearing bank in London, the issuance of China's sovereign debt for the first time in London, and the issuance of Panda Bonds by the British Bank.
On June 17, Vice Premier Hu Chunhua and British Finance Minister Philip Hammond co-chaired the 10th China-UK Economic and Financial Dialogue in London. The tenth dialogue has made extensive and positive progress in macroeconomic policy, trade, investment, finance, industrial strategy, "one belt road initiative" and the third party market cooperation. The two sides have reached a series of new consensus in deepening economic and financial cooperation. What are the financial policy outcomes of this dialogue? Financial Times reporters combed.
Promoting the Development of the Offshore Renminbi Market in London
"The two sides jointly support the further internationalization of the RMB and agree with the unparalleled depth and liquidity of the London market. They agree to continue to strengthen cooperation in capital market interconnection, financial market infrastructure and supervision, and cross-border use of the RMB." The results show that the two sides have agreed to continue to promote cross-border RMB business between China and the UK and support the use of RMB as a valuation and settlement currency in bilateral trade and investment. The two sides pledged to support the British RMB clearing bank in expanding its business, continue to promote the development of the offshore RMB market in London and encourage the innovation of RMB financial products. The two sides agreed to promote RMB bonds as acceptable collateral in the UK market. China welcomes more qualified British commercial banks and financial market infrastructure to join the RMB cross-border payment system.
The results show that the two sides recognize that British institutional investors are one of the largest participants in QFII and RQFII mechanisms, and agree to continue to cooperate to promote British investors to make full use of QFII and RQFII institutional arrangements. China welcomes British investors to invest in China's capital market through QFII, RQFII, Shanghai, Shenzhen, Hong Kong and other channels. China agrees to expand eligible British financial institutions'access to China's commodity futures market and to approve and issue QFII and RQFII quotas to British institutions.