The U.K. and the Hong Kong Monetary Authority launched a joint private-sector forum Monday to enhance cooperation and support China's efforts to develop an offshore market for its yuan currency.
The announcement by U.K. Chancellor of the Exchequer George Osborne and HKMA chief Norman Chan in Hong Kong marks another baby step forward for London as it vies for a slice of the offshore trade in the yuan, also known as renminbi, with other financial centers across the world.
The move suggests the agreement between the U.K. and Chinese governments in September to support the development of an offshore yuan market in London is bearing fruit, even though it falls short of elevating the city to the status of Hong Kong, the only officially designated offshore yuan trading center.
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