In January, another milestone in the development of the renminbi as an international currency was jointly announced by the Hong Kong Monetary Authority (HKMA) and the UK Treasury.
A private sector-led forum is to be established, meeting twice a year, to promote the development of the offshore renminbi market in London. The first meeting of this semi-annual talking shop is scheduled for May 2012.
Appropriately visiting Hong Kong at the time of the announcement, George Osborne, the UK chancellor of the exchequer, proclaimed that: "London is perfectly placed to act as a gateway for Asian banking and investment in Europe, and a bridge to the United States."
He added: "We are by some distance the world's largest foreign exchange market; and the growing use of renminbi in those global markets will bring substantial benefit to Chinese economic development and the wider world economy."
Political hyperbole? Substance was given to London's...