City’s top brass throws weight behind London RMB initiative

Chancellor of the Exchequer George Osborne
George Osborne, UK chancellor

London will become the Western hub for offshore trading of Chinese renminbi (RMB), the UK's chancellor George Osborne said this morning as politicians, banking chiefs and public sector officials lined up to show their support for a major initiative to secure London's future role in the high-stakes currency.

"London already represents 26% of the global offshore RMB spot foreign exchange market – the majority is based in Hong Kong. This is a market that grew by more than 80% last year. Let me be c

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