- Major commitments boost London’s position as world-leading financial centre.
- Includes agreements to pursue UK-China cooperation on innovative biodiversity financing, and more efficient cross-border settlement services, supporting trade and investment flows.
- Minister heralds depth of opportunity for UK businesses working with China.
British jobs and businesses will be supported by enhanced cooperation with China in financial services, with new agreements cementing the sector as an engine for UK and global growth.
City Minister and Economic Secretary to the Treasury Lucy Rigby launched the UK-China Financial Working Group in Beijing during the Prime Minister’s visit to China, where they were accompanied by over 50 representatives from British business, including 11 financial and professional services firms – making it the most represented sector.
Major commitments secured during the forum will make it easier for UK businesses to trade with China, strengthen London’s status as the world’s leading international financial hub, and further back the 370,000 British jobs supported by UK?exports to China.
The Bank of China’s London Branch has been designated as the UK’s second renminbi (RMB) clearing bank, further enhancing London’s financial market infrastructure. This broadens the range of services available to UK businesses trading with China, and reinforces the City’s role as a leading global centre for cross?border finance.
Fostering secure and resilient growth was a key focus of the Financial Working Group, with technical discussions held between UK and Chinese regulators around deepening cooperation on financial stability, supervision, and regulatory developments in both markets.
Agreements were also reached to pursue new cooperation between the UK and China on innovative financing, such as RMB-denominated sovereign biodiversity bond issuance, cementing the City’s role as the global hub for green finance.
Economic Secretary to the Treasury Lucy Rigby KC MP said:
The potential that stems from the deepening of UK’s financial services relationship with China is huge. Securing new cooperation on innovative biodiversity financing, alongside a second RMB clearing bank and greater access for our firms, demonstrates the depth of opportunity when we engage consistently and pragmatically.
Through sensible and practical dialogue, we’re creating the conditions for British financial services to thrive – supporting jobs and growth across Britain.
As the world’s second largest economy and the UK’s third largest trading partner, a stronger financial relationship with China directly benefits working people and businesses across Britain, including through better access to Chinese markets.
The visit follows the successful 2025 UK-China Economic and Financial Dialogue, which secured tangible benefits including new licences and quota allocations for UK financial services firms.
Bill Winters CBE, Group Chief Executive, Standard Chartered, said:
A formal cadence of regulatory dialogue is essential for the smooth functioning of global financial markets. The establishment of a UK-China Financial Working Group will be a useful platform to test and work on areas of shared interest between the two markets and builds on the positive momentum achieved at the 2025 Economic and Financial Dialogue. We look forward to more progress as we head into the next edition in London later this year.
Brendan Nelson, Chairman, HSBC said:
The inaugural meeting of the UK-China Financial Working Group marks a positive step forward in further enhancing financial sector cooperation and harmonisation.
David Schwimmer, CEO, London Stock Exchange Group said:
We welcome and support the efforts of the UK-China Financial Working Group – an important step in supporting growth and strengthening ties between UK and Chinese financial markets. Realising the opportunities that exist depends on sustained government-to-government and regulator-to-regulator dialogue. We look forward to improved connectivity in support of resilient capital flows, and two-way investment.
Additional information:
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The UK-China Financial Working Group is a new formal mechanism for structured, substantive, and technical discussions on financial policy between government and regulatory authorities in both countries. It operates under the framework of the UK-China Economic and Financial Dialogue and reports directly to the Chancellor Rachel Reeves and Chinese Vice Premier He Lifeng.
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The inaugural meeting was held on Saturday 31st January 2026 in Beijing and brought together senior officials from HM Treasury, the Bank of England, the Prudential Regulation Authority, and the Financial Conduct Authority alongside their Chinese counterparts from the People’s Bank of China, the Ministry of Finance, and financial regulators.
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A UK-China financial roundtable with industry was also held during the visit, with participation from regulators and financial institutions from both markets. Topics of discussion included financial market development and financial sector innovation.