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Page last updated at 08:22 GMT, Monday, 16 January 2012

Osborne: UK 'trading centre' for China currency


Chancellor George Osborne has announced plans to make London the leading centre for trading the Chinese currency, the Renminbi.

Mr Osborne, who is visiting Hong Kong and Beijing, says the UK is ideally placed to become the gateway between East and West - generating billions of pounds of new business for the City.

Speaking to Evan Davis, he said that such a move would be "good for Britain, good for British jobs and also good for China".

He went on to say that China's "enormous accumulation" of savings could be "well put to use" investing in British infrastructure.

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