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From the Market: Financial Services

From the Market: Financial Services
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There is a somewhat bullish mood in the China-focused parts of the City at the moment. The next Five Year Plan, due to be formally announced in March, bodes well for the sector. This will present a variety of opportunities for UK financial services. One particularly important development is that the new plan is widely expected to encourage increased household consumption. This will be a double bonus, as financial services products will be required to facilitate this shift, covering for the safety-net which high savings rates have traditionally provided. Meanwhile, the resulting increasing consumption will undoubtedly lead to increased demand for services.

Chinese activity in London's capital markets is also picking up steam. After a relatively quiet couple of years, we are now seeing some serious interest from China in both AIM (where the majority of Chinese firms have previously listed) and in the Main Board. While Hong Kong remains popular, London is also attracting interest. CBBC with UKTI and the London Stock Exchange will be running events out in China this year to capitalise on that attention.

There is also excitement brewing over the internationalisation of the RMB, with the authorities relaxing restrictions on its use by Chinese companies for trade settlement and FDI overseas. This is providing some serious banking opportunities, with UK banks already active in the provision of RMB denominated accounts.

If you would like to talk to CBBC further about financial services in China, please contact duncan.levesley@cbbc.org

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