Sina
Edition: CHINA ASIA USA EUROPE AFRICA
Home > Business
Monday, September 21, 2015, 10:52

UK eyes greater yuan role, nuke investment

By Reuters

UK eyes greater yuan role, nuke investment
Chinese Vice President Ma Kai (3rd right) meets with British finance minister George Osborne (3rd left) during the seventh China-UK strategic economic dialogue at the Diaoyutai State Guesthouse in Beijing on September 21, 2015. (AFP PHOTO / POOL / Lintao Zhang)

BEIJING - British finance minister George Osborne said on Monday Britain would like to continue facilitating the gradual internationalisation of the yuan and that it welcomed the potential for majority Chinese investment in future nuclear projects.

Speaking at the start of an annual economic and financial dialogue, Osborne said that there was probably no country in the West that was more open to Chinese investment than Britain.

Britain will also provide 2 billion pounds (US$3.1 billion) of initial support for a new nuclear power station at Hinkley Point in southwest England, a project China is backing, the finance ministry added.

The guarantee will pave the way for French utility EDF , and financial partners China General Nuclear Corp and China National Nuclear Corp, to give the go-ahead to the 16 billion-pound scheme later this year, the government said.

"We very much welcome Chinese investment not just in that project but the potential for majority Chinese investment in future nuclear projects in the United Kingdom," Osborne said.

"There is another opportunity for Chinese investment, in high speed rail, in the north of England," he added, without elaborating.

China values Britain's staunch defence of free trade and lack of obstacles to investing in Britain. Chinese President Xi Jinping visits Britain next month.

London has been especially keen to attract Chinese banks and encourage offshore trade in the yuan to bolster its position as the world's main centre for foreign exchange trading.

"We want to continue to play our role as the world's leading financial centre in helping with the gradual internationalisation of the renminbi, and I hope we can take further steps today to strengthen cooperation between our financial markets," Osborne said.

Latest News