Chancellor George Osborne has welcomed a Pound-Yuan Interbank Market between the two countries, stating that it will help Britain build further links with China, by getting its "currency used and traded in London".
Mr Osborne said that both the UK and China have made "huge steps forward" in building progress, saying that the future belongs to those "ambitious for reform."
In a speech at Lancaster House in London, Mr Osborne said: "I believe the emergence of the Chinese currency as one of the world's leading currencies will be the next huge change in global finance.
"Quite bluntly, I want the City of London to facilitate that change and to be central to it," he said.
More top news
Scotland wanted every child to have a 'named person' to look after their welfare regardless of their family situation.
The adorable 10-stamp issue marks the 150th anniversary of Potter's birth. Featuring Peter Rabbit, Jemima Puddle-Duck, Tom Kitten and more!
A man who launched a savage attack on his partner and another on the mother of his children minutes later has admitted two counts of murder.