China, Britain strengthen cooperation to push yuan's global use

In a visit to China last month, Chancellor of the Exchequer George Osborne stressed that Britain supports the internationalization of the renminbi and wants to make London the Western hub for renminbi trading.

The country will also launch a feasibility study into linking the London and Shanghai stock markets, potentially adding a new channel for offshore investors to expand their exposure to yuan-denominated securities.

England's capital, as the traditional financial center, also stands to gain from the cooperation. "Diversified yuan businesses in London will help strengthen the city's market infrastructure and cement its position as a financial hub," Sang said.

Apart from Singapore and Hong Kong, Britain is already the biggest offshore renminbi market. More than 50 percent of yuan foreign exchange trading outside China and Hong Kong is done in Britain, according to SWIFT.