HM Treasury (HMT) has announced that the inaugural UK‑China Financial Working Group in Beijing resulted in several landmark agreements aimed at strengthening bilateral cooperation in financial services. According to the press release, the key commitments secured during the forum will make it easier for UK businesses to trade with China and will reinforce London's position as the world's leading international financial centre. Agreements were also reached to pursue new forms of cooperation between the UK and China on innovative financing, including the potential issuance of renminbi denominated sovereign biodiversity bonds to cement the UK's role as the global hub for green finance, as well as more efficient cross-border settlement services, supporting trade and investment flows.
A joint readout has also been published confirming that both sides have agreed to work towards the signing of a Memorandum of Understanding on cooperation in central counterparty (CCP) supervision between the People's Bank of China and the Bank of England, and to continue all necessary cooperation to support UK equivalence and recognition processes for Chinese CCPs and Chinese processes for UK CCPs.
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