China set to allow UK renminbi trades

CHINESE authorities are set to approve the trading of the renminbi by British banks in London, it emerged last night.

China has been gradually relaxing its control of the yuan over the last 12 months.

The news came after a think tank under China’s cabinet endorsed internationalising the yuan, particularly to neighbouring markets. The stride towards an international yuan may be slow, but it is essential as China is still a small player in global financial markets, which is at odds with its status as a world economic and political power, the think tank said.

British officials told the Financial Times newspaper that a joint statement will be made later this week, backing the growth of renminbi trading in London.