China’s central bank will issue short term debt in London. The news came after Chancellor George Osborne met with the Chinese Monday.
Osbourne said the People’s Bank of China’s decision to issue renminbi bonds in London will bridge China into Western financial markets. It was one of 53 agreements announced at the end of the UK-China Economic and Financial Dialogue held in Beijing.
The government in the UK also announced plans to co-fund a high tech nuclear research center with China, based in the UK. They also want the U.S. Congress to back quota and governance reforms of the International Monetary Fund, which would see more power given to China and other up and coming economies. But Congress has opposed such efforts for the past two years. Beijing is not happy about it.
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