Senator Philip Ozouf said that the signing this week of an agreement between UK Chancellor George Osborne with Hong Kong was good news for the Island.

Mr Osborne wants the City of London to become an offshore trading centre for the renminbi and said that his talks with the Chinese were a ‘vote of confidence’ in the capital.

The Chancellor is reported to have agreed measures with the Hong Kong Monetary Authority to help the renminbi become a leading global currency if it is traded on world markets.

At the moment, the renminbi is traded in China and Hong Kong, but it could soon be available to western markets.

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