UK as future centre for global currency
UK promotes image as a reliable Renminbi (RMB) and asset management centre at recent UK Trade and Investment (UKTI) event
UKTI recently held a trade and investment event in Hong Kong endorsing the UK as a RMB and global fund management centre to an audience of international asset managers. Representatives from almost 80 banking, asset management and industry players attended the event on 26 January from all over the globe which was held in the prestigious Hong Kong Mandarin Oriental Hotel.
‘2014 was another astonishing year in that the UK firmly cemented its place as a leading global RMB hub’ – Ms. Caroline Wilson, UK Consul General
According to Ms. Wilson’s speech at the event, the UK government believes that the rise of the RMB, one of the world’s top five most used currencies, is going to be one of the most important developments in the financial markets of the 21st century and the main focus of the event was to strengthen faith in the UK as an centre for the currency’s investment and management. Much of the attention was laid on the processes behind investing in the UK whilst also highlighting Britain’s strength as an asset management centre. Expert speakers and panellists from HSBC, Deloitte and the UK Investment Management (IM) Association were present at the event and explored the opportunities facing China as it expands its international horizons.
‘…the UK is ready and able to be a one-stop shop for Chinese IM (investment management) firms that want to enter the European markets’ – Ms. Wilson
Following on from this sentiment, this month will see the first Chinese head-quartered IM firm opening its doors in London. During his presentation on why Harvest Global Investments chose the Britain as its next base, Vice Chairman and Chief Executive Officer (CEO), Peng Wah Choy, stated that:
‘Establishing in the European time zone became a must. So we asked ourselves: where can we hire the best people? Tap into the best talent pool? Convince our colleagues to move to? London was the obvious answer – it’s so business friendly’.