Golden age for Sino-UK economic ties

The Sino-UK relationship has been on the rise over the past few years. On financial issues, infrastructure and nuclear energy, in particular, they have many interests in common. And with President Xi Jinping visiting the United Kingdom this week, their mutual economic cooperation will definitely be strengthened.

A key area for cooperation is the financial sector. The financial sector accounts for 8 percent of the UK's GDP and further supports the development of tourism, realty and other sectors. For the UK's financial industry, the renminbi is of great importance due to the enormous growth potential of RMB business.

The UK has long attached importance to RMB business, and it plans to build London into the biggest offshore RMB center. That's why it has taken the lead among European countries in strengthening financial cooperation with China: It was the first to sign a currency swap agreement with China, the first to issue financial products with prices labeled in RMB, and the first to found an RMB settlement bank and branches of Chinese-ventured banks. Its move of issuing RMB sovereignty debt in 2014 signals it recognizes RMB as part of its foreign reserve and symbolizes its trust in the currency.