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Osborne hails 'momentous progress' in UK-China links

George Osborne hailed the "momentous progress" in links between the UK and China as he set out his ambitions for the City of London to be the major offshore hub for trade in the Chinese currency.

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Osborne: 'Huge step forward' in UK-China trade deals

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."

Osborne spoke of the importance of the UK-China relationships. Credit: ITV News

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.

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