British businesses eye role in China's financial services sector

LONDON - Internationalization of the renminbi and the further opening up of China's financial services are hotly anticipated by British business leaders, ahead of the Fourth China-UK Economic and Financial Dialogue (EFD).

"A key issue of interest at this dialogue is the internationalization of the renminbi. I hope that we will see constructive dialogue about a future role for London to develop as a center for renminbi-denominated trade settlement and the trading of renminbi investment instruments," Lord Mayor of the City of London Alderman Michael Bear told China Daily.

The rapid take-off of the offshore market in Hong Kong - and the impressive rise in renminbi deposits in Hong Kong - has made this a widely discussed topic, Bear said.