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Lord Mayor of City of London Visits China for Better Financial Collaboration
   2015-09-18 19:57:24    CRIENGLISH.com      Web Editor: Fu Yu

The Lord Mayor of the City of London, Alderman Alan Yarrow speaks to the media in Hong Kong on September 18, 2015. [Photo: CRIENGLISH.com/Li Jing]

The Mayor of London is leading a business delegation to China to explore closer business collaboration.

He is now in Hong Kong for a three day visit, before heading to the mainland.

CRI's Hong Kong correspondent Li Jing has the story.


The Lord Mayor of the City of London, Alderman Alan Yarrow, says despite the recent depreciation of the RMB, the currency is still on the course of internationalization.

"You use these tools to make sure to manage your economy. The RMB devaluation I think is just purely a stage on the journey, it is a perfectly natural position if the government feels it would enhance economic growth. Not so surprise. So I don't think in any way the government, particularly in the UK, will take a different view towards Renminbi because of its devaluation. "

RMB is now the world's fifth largest payment currency and Hong Kong handles about 70 percent of international RMB transactions. Yarrow says London will remain the hub of offshore RMB business, despite increasing competition from other cities worldwide.

"We believe in high levels of services to customers, the British rule of law, the time clock, the Lingua Franca, English language, we have a huge advantage. I think it is fair to say that every one wants to be involved in the internationalization of RMB, and the more the merrier as far as I'm concerned, but at the end of the day, we will be the largest Western hub in the internationalization of RMB. "

Next month, Chinese President Xi Jinping is going to visit the UK, the first visit from a Chinese President in a decade. The Lord Mayor will be hosting a banquet in the City to cement even stronger ties between the two countries.

"It is important to make sure that the President, the Prime Minister, and the Queen, inevitably, have those senior levels diplomatic links open. We are very supportive of lot of the changes that are taking place, we want to be involved, particularly in the City of London, in helping China, supporting China to its next development, particularly to do in the financial services. "

The United Kingdom is among the first European economies to embrace China's new initiatives including the Asia Infrastructure Investment Bank and the "One Belt, One Road" initiative. Yarrow also says the UK has a lot to offer in the process.

The Lord Mayor will later visit Shenzhen, Guangzhou, Shanghai and Beijing to promote bilateral cooperation in financial and professional services.

For CRI, this is Li Jing in Hong Kong.

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