City of London considers yuan internationalization now more than ever before

LONDON - The City of London considers renminbi internationalization now more than ever before through a holistic approach, said Mark Boleat, the City of London Corporation's Policy Chairman, on Tuesday.

Speaking at a seminar hosted in the City, Boleat said renminbi business in both the Britain and across the European region as a whole has become established and is here to stay.

"The European offshore renminbi market is an excellent source of capital and talent. It confirms the significance of Europe as a committed partner of China's in driving forward the overall internationalization of the currency," Boleat said.

"Though big bang announcements are exciting and harness support, it is the gradual and flexible approach that will ensure the sustainable success of the offshore market in Europe," he added.

Moreover, he said: "We must remember that this process is intrinsically linked with wider financial and economic reform in China. It is this broader reform which affects the changing nature of trade and investment -- which underpins the UK-China financial relationship."

Increased interoperability and regulatory harmonization across both regions would in time result in full integration of renminbi into the global financial system, he said.