Chris Cummings, Chief Executive, TheCityUK said:
China Development Bank's (CDB) announcement of a RMB 2bn bond issue is a significant step in developing the economic ties between the UK and China, TheCityUK and CDB signed a Memorandum of Understanding on 17 June 2014 that set out both parties’ belief that working together will strengthen and bring benefits to the UK and Chinese economies.
CDB's bond issue provides a significant boost for China-UK relations as well as providing great opportunities for UK based firms. London is rapidly confirming its position as the natural Western partner for Chinese trade and finance as today's announcements confirm. It is particularly good news that ICBC has been granted a branch licence and the plans for Harvest Fund Management to come to the UK showcases the City's global expertise for fund management.
These landmark announcements further reinforce the UK's position as a leading Western hub for Renminbi trading and finance and its reputation as the leading global financial centre.
TheCityUK also provided further expert help on the development of the Shanghai Free Trade Zone Pilot by presenting eight expert working papers to the Chinese delegation. These were produced by members of TheCityUK and the China-Britain Business Council in close consultation with Chinese authorities.