The United Kingdom and China have agreed to deepen financial cooperation, reinforcing London’s position as a leading offshore trading hub for China’s yuan.
The agreement followed the first meeting of the UK-China Financial Working Group in Beijing, held during Prime Minister Keir Starmer’s state visit.
China formally recognized London as a major offshore yuan center and pledged support for UK-based Chinese banks to expand yuan-denominated products.
Landmark Agreements Secured After First UK-China Financial Working Group in Beijinghttps://t.co/zp0RNcTV4I pic.twitter.com/nVIjagQX8O
— WireNews (@wirenews) February 6, 2026
The London branch of Bank of China was designated as the UK’s second yuan clearing bank, strengthening cross-border currency flows.
Officials also agreed to encourage cross listings through the China-UK stock connect scheme and expand cooperation in green and sustainable finance. While London still trails Hong Kong and Singapore in yuan deposits, it now leads both in foreign exchange trading volume.
British officials said the deal will simplify trade with China, support jobs tied to exports, and strengthen London’s status as a global financial center.
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TIPP Staff
