London to develop further as yuan trading hub

China and the United Kingdom on Tuesday agreed to continue to build London into a major offshore market for yuan trading, underlining the strong financial ties between the two countries. Both sides welcomed strong growth of London's RMB markets, making the capital city the most active RMB center in the world outside China, according to a joint statement after the fifth China-UK Economic and Financial Dialogue held in Beijing. "China recognized London's major role in increasing the international use of the RMB, and both sides agreed to continued collaboration to support London's offshore market," the statement said. A number of cities are vying for China's permission to be allocated as a center for clearing yuan trading offshore, in expectation of providing lucrative financial services. The dialogue was co-chaired by Chinese Vice Premier Ma Kai and the UK's Chancellor of the Exchequer George Osborne.