London policy chief urges B&R action
continued access to skilled and trained staff.
But she also admitted Brexit had prompted London to look further afield for opportunities.
As far as relations with China are concerned, her predecessor Mark Boleat had a high profile. During Boleat’s fiveyear tenure, several Chinese banks gained London branch licenses, London established an official renminbi clearing bank and a currency swap line between China and the UK’s central bank was established.
Those initiatives all turned London into a leading offshore renminbi hub. In the first three months of 2017, 36.3 percent of global offshore renminbi exchange transactions were conducted through London, which put the UK capital in the top spot for offshore renminbi foreign exchange transactions.
Asked what her China-related legacy would be, McGuinness said she would like it to be Belt and Road engagement.
“It’s a very visionary project, something we feel we are natural partners to take forward,” she said.