In their latest Economic and Financial Dialogue, the UK and China have announced several measures on financial sector development and regulation, including:

  • the UK regulators will consider applications from Chinese banks to set up branches in the UK to carry out wholesale banking activities;
  • the renminbi Qualified Foreign Institutional Investor (RQFII) quota has been extended to the UK;
  • both governments will work together on facilitating the growth of cross-border fund management activity; and
  • China's National Association of Financial Market Institutional Investors will consider applications of foreign banks for underwriting bonds in China.

(Source: Combined Policy Outcomes of the 5th China-UK Economic and Financial Dialogue)