Full coverage: President Xi Visits UK
One of the most important speeches President Xi will give during his State Visit to the UK will be in Britain’s financial centre, the City of London. Richard Bestic has been down to the City to find out what they want to hear.
It will be here at the Guildhall in the ancient City of London’s financial Centre the President’s be guest of honour at his second banquet of this State Visit.
The City of London is effectively a City State, within the UK capital, boasting many of its own by-laws and privileges dating back centuries.
The audience gathered in this august chamber will be very much looking to the future and clues from the President on ways in which they can work with the Chinese currency the Renminbi.
Richard Bestic said:"So, I’ve come down here to find out more about what they’re anticipating from President Xi."
Mark Boleat is the City of London’s policy chief. "I'm sure the city want to hear developments between China and Britain have been excellent in the past few years. We now have London as leading offshore center for RMB trading, we have Chinese banks expanding in London, we have investments from Chinese companies. We want to hear acknowledgement this has all been successful. British institution would want to do much more in China."
The city of London will be looking ways to work more closely with Chinese in the internationalization of the RMB.
Boleat said:"Many city institutions have relationship with Chinese institution, so there's going to be a number of signings this week. The Chinese financial system is undergoing significant reform. It's very large, but it is not fully internationalised. We want to see that happen, as do the Chinese authority. It's the question of time scale, and getting it right. It's not something that's easy to do. We are keen to work with Chinese counterparts on how the market can best be opened up. This is going to be highly beneficial both to London and to China."
If they pull it off, working with China and the Renminbi will go a long way towards cementing the City of London’s place as Europe’s and arguably the world’s paramount financial centre. It really all depends on what the President tells them.