London to act as gateway for Asian investment

The UK treasury has revealed plans to make London the leading international centre for trading the Chinese currency, Yuan. Following China’s relaxation of strict trade controls, the yuan looks set to become a major traded currency in the world. It is estimated that the plan could potentially bring in billions of pounds to the city. There are plans to set up London as the new hub for renminbi (Yuan) as a complement to Hong Kong., an agreement that was reached last summer. This would put London in pole position for trading of renminbi outside China and Hong Kong.