Beijing hosts the inaugural China-UK Financial Working Group meeting, strengthening bilateral cooperation on financial stability, capital markets, and RMB offshore development.
The inaugural meeting of the China-UK Financial Working Group (FWG) took place recently in Beijing. Pan Gongsheng, Governor of the People’s Bank of China (PBOC), and Lucy Rigby, Economic Secretary to the UK Treasury, co-chaired the session. The FWG offers a structured channel for technical exchange on financial policy under the China-UK Economic and Financial Dialogue.
Both sides exchanged views on global macroeconomic developments, financial stability, regulation, market growth, and financial innovation. They discussed anti-money laundering and counterfeiting, and agreed to strengthen crisis management and resolution mechanisms to protect financial stability.
The participants emphasised the role of capital markets in supporting economic growth. China noted the UK’s recent reforms to its listings system, including for multinational companies. Both sides encouraged eligible companies to raise capital in each other’s markets, including through the China-UK Stock Connect, providing access to global investors. They welcomed HSBC’s approval to trade China Treasury Bond Futures on the China Financial Futures Exchange.
London’s role as a leading global foreign exchange centre and offshore Renminbi (RMB) hub was also highlighted. China supports UK-based Chinese financial institutions in offering more RMB-denominated products. The Bank of China’s London branch became the UK’s second RMB clearing bank.
The two sides explored the feasibility of a China-UK Wealth Connect program to boost two-way investment flows, channel long-term capital, and deliver stable returns. Both parties confirmed their commitment to ongoing cooperation on market development, innovation, and sustainable finance.
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