British jobs and businesses to be supported by enhanced cooperation with China in financial services
British jobs and businesses will be supported by enhanced cooperation with China in financial services, with new agreements cementing the sector as an engine for UK and global growth.
City Minister and Economic Secretary to the Treasury Lucy Rigby launched the UK-China Financial Working Group in Beijing during the Prime Minister’s visit to China, where they were accompanied by over 50 representatives from British business, including 11 financial and professional services firms – making it the most represented sector.
Major commitments secured during the forum will make it easier for UK businesses to trade with China, strengthen London’s status as the world’s leading international financial hub, and further back the 370,000 British jobs supported by UK exports to China.
The Bank of China’s London Branch has been designated as the UK’s second renminbi (RMB) clearing bank, further enhancing London’s financial market infrastructure. This broadens the range of services available to UK businesses trading with China, and reinforces the City’s role as a leading global centre for cross‑border finance.
Fostering secure and resilient growth was a key focus of the Financial Working Group, with technical discussions held between UK and Chinese regulators around deepening cooperation on financial stability, supervision, and regulatory developments in both markets.
Agreements were also reached to pursue new cooperation between the UK and China on innovative financing, such as RMB-denominated sovereign biodiversity bond issuance, cementing the City’s role as the global hub for green finance.
Economic Secretary to the Treasury Lucy Rigby KC MP said:
As the world’s second largest economy and the UK’s third largest trading partner, a stronger financial relationship with China directly benefits working people and businesses across Britain, including through better access to Chinese markets.
The visit follows the successful 2025 UK-China Economic and Financial Dialogue, which secured tangible benefits including new licences and quota allocations for UK financial services firms.
Bill Winters CBE, Group Chief Executive, Standard Chartered, said:
Brendan Nelson, Chairman, HSBC said:
David Schwimmer, CEO, London Stock Exchange Group said:
Additional Information: