London handles new investment for China's Yuan

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23.10.2013Britain’s Chancellor of the Exchequer George Osborne was photographed shaking hands with Chinese Vice Premier Ma Kai during a signing ceremony at Diaoyutai Guesthouse in Beijing on Tuesday, 15,of October 2013. Mr. Osborne states that Beijing has agreed to make London an offshore centre for the handling of investments in China’s currency, the Yuan. He also mentioned during his visit to Beijing that China’s state-owned banks would be allowed to expand their activities in Britain. He also said investors in London will be allowed to apply for licenses to invest the Yuan directly into China, he said the initial quota set by the Chinese central bank for London is 80billion Yuan just over 13billion US Dollar. Other financial centres are looking at applying for authorisation to handle the currency as China’s trade and investment grow and the use of the Yuan outside of China steadily expands.