On 7 November 2019, Ambassador Liu Xiaoming attended the celebration to mark the 5th Anniversary of China Construction Bank (CCB) London Branch’s Launch of UK RMB Clearing Services and its clearing volume of 40 trillion RMB yuan. Tian Guoli, Chairman of China Construction Bank, and Charles Bowman, former Lord Mayor of the City of London, addressed the event. Nearly a hundred guests were present at the event, including Douglas Flint, UK Government's Special Envoy to the Belt & Road Initiative, Peter Levene, former Lord Mayor of the City of London and representatives from the Chinese and British governments and the business and financial sectors.

Ambassador Liu first extended his congratulations on the achievement that CCB has accomplished, which bears witness to the ever-deeper and more substantial financial cooperation between China and the UK, represents a firm step to integrate China’s financial sector with the world, and heralds a promising prospect of RMB internationalisation. He hoped that China and the UK would make the following three efforts in their financial cooperation. Firstly, China and the UK should remain committed to open cooperation. The two countries should engage in open cooperation at a higher level and work to build an open world economy. Secondly, China and the UK should take the lead in innovation in the financial sector, which in turn gives a strong boost to the overall China-UK financial cooperation. Thirdly, China and the UK should enhance cooperation on BRI in various areas, so as to deliver more benefits to the people of the two countries and the people of the world.

Ambassador Liu said, “As we speak, the second China International Import Expo is being held in Shanghai. President Xi Jinping delivered an important speech at the opening ceremony. He proposed to work together to build an open world economy through cooperation, with innovation and for mutual benefits. He also announced five measures to bring about opening-up at an even higher level. He further emphasized China’s determination to shoulder its responsibility as a big country and promote common development in the world through open cooperation. All these will create more opportunities for development and provide broader space for cooperation between countries of the world.”

Chairman Tian Guoli said in his speech that CCB was announced as the RMB clearing bank in the UK by Prime Minister Li Keqiang in 2014. Over the past 5 years, the total clearing amount has exceeded 40 trillion RMB yuan, making CCB London branch the largest RMB clearing bank outside of Asia. CCB will actively improve its RMB service capacity in the UK, so as to promote new and accelerated development of China-UK relations in the “Golden Era”.

In his speech, Sir Charles said that London has always been fully supportive of the internationalisation of RMB. In 2012, Osborne, as Chancellor of the Exchequer, announced the support for London to become offshore RMB trading hub. Last June, both China and the UK reiterated their support for RMB to be a global currency during the tenth Economic and Financial Dialogue between China and the UK. Up till now, London has become the largest RMB trading hub outside of Greater China and its RMB offshore transaction accounts for 44% of the global RMB offshore trading volume.

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In June, 2014, during Prime Minister Li Keqiang’s state visit to the UK, CCB was announced as the sole RMB clearing bank in the UK. This year marks the 5th Anniversary of CCB London’s RMB Clearing Services. The RMB clearing volume of CCB London has exceeded 40 trillion yuan, which made CCB London the largest RMB clearing bank outside of Asia. London has become the world’s largest RMB offshore trading hub and second largest RMB offshore clearing centre.