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A finance official of the United Kingdom said on Friday that the country is happy to see the establishment of the Shanghai Free Trade Zone.
The opening of Shanghai Free Trade Zone triggered off fears that Shanghai will become another trading hub for offshore Renminbi, and with freer flow of the currency, positions of other offshore Renminbi centers, including Hong Kong, and London, will be marginalized.
The UK's Financial Secretary to the Treasury Greg Clark said at a press conference in Hong Kong that despite not knowing much about the detail about the newly opened free trade zone, London has always been supporting free trade policies in the global front.
"One of the historic values that Hong Kong and UK share is that global free trade has been very much in our interests, " said Clark. " We both have the great advantages in terms of the expertise and level of experience that can support people who tap into the international market for the first time."
Clark arrived Hong Kong on Thursday to attend the London-HK Renminbi Forum, discussing the way ahead of cooperation between the two major overseas Renminbi settlors.
Clark said that with trading in Renminbi in London trippled over 2012, and a significant increase in the range of available products and services, there is a clear momentum behind London's development as the western hub for Renminbi.
He added that Hong Kong has cemented its position as the main gateway between the onshore and offshore Renminbi markets, with 400 billion yuan settled in the city on a daily basis.
Clark also said from the conversations he had during the forum, he identified that most of the entrepreneurs there's intentions were for real economy.
"I've been struck by the link to the real economy, that corporations are looking to finance their operations, rather than confined to financial market per se." he said, "The opportunities for liberalization and trade are substantial and increasing, and I think that's our source of confidence in the Renminbi business."
