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London is set to become a major offshore trading center for the yuan, as Britain teams up with Hong Kong to develop such business.

The Hong Kong Monetary Authority (HKMA) and the UK Treasury on Monday agreed to launch a private-sector forum to strengthen links between Hong Kong and London in such areas as clearing and settlement, market liquidity and the development of new yuan-denominated products, the HKMA said in a news release.

The forum will have representatives from financial institutions in Hong Kong and London, including HSBC Holdings PLC, Standard Chartered PLC, Bank of China Ltd, Deutsche Bank AG and Barclays PLC. It will meet twice a year, and the first meeting will be held in Hong Kong in May, it said.

China and Britain agreed in September to cooperate on the development of the offshore yuan business and develop London into an offshore yuan market.

UK Chancellor of the Exchequer George Osborne said in Hong Kong on Monday that the intention was to "establish London as a new hub" for the yuan.

"It's clear that there is scope for a substantial expansion of the yuan market in the coming years," he told a meeting of Asian finance officials and executives.

He added that London was perfectly placed to be a gateway for Asian investment and banking to Europe and as a bridge to the United States.

Osborne said establishing London as an offshore center for yuan-denominated settlements will benefit China's economic development as well as Britain's.

China's rapid growth had provided opportunities that Europe should seize as it struggled to emerge from the sovereign debt crisis. Britain's merchandise exports to China rose 20 percent in 2010, a measure of the importance of Asia to Britain's long-term economic growth, said Osborne, who is visiting Hong Kong, Beijing and Tokyo to strengthen business ties, especially in financial services, infrastructure and innovation.

The HKMA plans to extend the operating hours of the yuan real-time settlement system to 15 hours by the end of June, to accommodate London and other European markets to settle offshore yuan payments.

China and Britain aim to increase annual bilateral trade to $100 billion from the current level of $50 billion to $60 billion.

Daniel Chan, chief economist at BWC Capital Markets, said "The move is necessary, given China's growing investment in the UK and the wider eurozone, as well as its increasing trade with the region."

Kevin Lai, an analyst, said that internationalization of the yuan will require more than one offshore yuan business center.

"The lack of a natural funding pool could undermine efforts to establish London as a new hub for the offshore yuan business," he said.

Hong Kong's yuan liquidity pool, which grew significantly over the past two years, meant that it was well-placed to help with the development of the offshore yuan market in London, Chan said.

Questions:

1. When did China and Britain agree to cooperate on the development of the offshore yuan trading center?

2. What is the name of the UK Chancellor of the Exchequer?

3. How much do China and London aim to increase annual bilateral trade to?

Answers:

1. September

2. George Osborne

3. $100 billion

（中國日報網英語點津 Rosy 編輯）

About the broadcaster:

Emily Cheng is an editor at China Daily. She was born in Sydney, Australia and graduated from the University of Sydney with a degree in Media, English Literature and Politics. She has worked in the media industry since starting university and this is the third time she has settled abroad - she interned with a magazine in Hong Kong 2007 and studied at the University of Leeds in 2009.