government’s questionable strategy to
transform London into an offshore RMB hub
Last month UK chancellor George Osborne unveiled a landmark
deal that takes London one step closer to its goal of becoming
the main offshore hub for the increasingly lucrative Chinese
renminbi (RMB) business.
Under the £8 billion ($12.9 billion) pilot scheme,
London-based investors will be able to use RMB to invest
directly in Chinese stocks and bonds.
Osborne is also brokering talks between Chinese banks and