/ world today news/ Chinese President Xi Jinping’s upcoming visit to Britain will consolidate the foundations of long-term development in Sino-British relations, said Mark Boley, chairman of the City of London’s Corporate Policy and Resources Committee on Monday.
Thanks to support from both governments, China and Britain have seen increased cooperation in financial services in recent years, he said.
The internationalization of the yuan is a key part in the financial cooperation between China and the UK, and the City of London will do more to support cooperation with China in this regard.
Boley hopes British and Chinese leaders will sign bilateral trade and investment agreements.
The regional mayor of the City of London, Alan Yarrow, also welcomed Xi’s visit, adding that he hoped for further development in the relationship between the two countries.
“We think the world needs another reserve currency and it should be the yuan,” he told reporters.
Yarrow spoke positively about improvements in China’s pricing mechanisms and other financial market reforms.
The Chinese president will visit the United Kingdom at the invitation of Britain’s Queen Elizabeth II next week.
Translation: Evgeni Rushev
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