written by Angela Knight on 08/02/2012
In September 1996 while I was Economic Secretary to the Treasury, I led a UK delegation to China. There, we signed a Memorandum of Understanding allowing Chinese companies to be listed on the London Stock Exchange for the first time. Sixteen years on, Chancellor George Osborne has opened the door for London to become the first off-shore Renminbi trading centre, a proposal that has received high-level public backing from Chinese authorities. Today, I spoke in the capital at a conference entitled â€œThe Rise of the Renminbiâ€, discussing with fellow panellists what the coming of the currency could mean for the City of London.