British jobs and businesses are set to benefit from closer cooperation between the UK and China in financial services, following a series of new agreements aimed at strengthening trade, investment and global financial stability.
The move was formalised with the launch of the UK–China Financial Working Group in Beijing, announced by City Minister and Economic Secretary to the Treasury Lucy Rigby during the Prime Minister’s official visit to China. The delegation included more than 50 representatives from British business, with financial and professional services emerging as the most strongly represented sector.
The new cooperation framework is designed to make it easier for UK firms to operate in and trade with China, while reinforcing London’s position as the world’s leading international financial centre. It also supports the estimated 370,000 British jobs linked to exports to China, a figure that highlights the scale of the economic relationship between the two countries.
One of the most significant outcomes of the visit is the designation of the Bank of China’s London Branch as the UK’s second renminbi clearing bank. This move strengthens London’s financial infrastructure and expands the range of services available to UK businesses trading with China. For firms involved in cross-border finance, including many diaspora-owned businesses with global networks, it simplifies transactions and reinforces the City’s role as a gateway between markets.
Discussions within the Financial Working Group focused heavily on fostering secure and resilient growth. UK and Chinese regulators held technical talks on financial stability, supervision and regulatory developments, signalling a commitment to cooperation even amid global economic uncertainty and geopolitical tensions.
The agreements also extend into green and innovative finance. Both sides committed to exploring new areas of cooperation such as renminbi-denominated sovereign biodiversity bonds, reinforcing London’s growing status as a global hub for green finance. This aligns with broader efforts to channel private capital into sustainable development while opening new opportunities for financial institutions operating across borders.
Lucy Rigby said the potential created by deepening the UK’s financial services relationship with China is substantial. She highlighted new cooperation on biodiversity financing, the appointment of a second RMB clearing bank and improved access for UK firms as evidence of what can be achieved through consistent and pragmatic engagement. She added that sensible dialogue is creating the right conditions for British financial services to thrive, supporting jobs and growth across the country.
As the world’s second-largest economy and the UK’s third-largest trading partner, China plays a key role in Britain’s economic outlook. A stronger financial relationship offers practical benefits for working people and businesses, including improved access to Chinese markets and greater certainty for firms operating internationally.
The visit builds on momentum from the 2025 UK–China Economic and Financial Dialogue, which delivered tangible results such as new licences and quota allocations for UK financial services companies. Industry leaders welcomed the creation of a formal platform for ongoing regulatory engagement, seeing it as essential for the smooth functioning of global markets.
Standard Chartered’s Group Chief Executive Bill Winters described the Financial Working Group as a valuable forum for addressing shared interests and maintaining regulatory dialogue. HSBC Chairman Brendan Nelson said the initiative marked a positive step forward in financial sector cooperation, following earlier agreements that secured hundreds of millions of pounds in immediate benefits for UK firms. London Stock Exchange Group CEO David Schwimmer also welcomed the move, emphasising the importance of sustained government and regulatory dialogue to unlock two-way investment and resilient capital flows.
The UK–China Financial Working Group operates under the wider Economic and Financial Dialogue framework and reports directly to Chancellor Rachel Reeves and Chinese Vice Premier He Lifeng. Its inaugural meeting, held in Beijing on 31 January 2026, brought together senior officials from HM Treasury, the Bank of England and UK regulators alongside their Chinese counterparts. A parallel industry roundtable explored financial market development and innovation across both economies.
For diaspora communities in the UK, particularly those with ties to global trade and finance, these developments underline Britain’s continued engagement with major international markets. At Chijos News, we track how global diplomacy and financial policy translate into real opportunities for jobs, businesses and long-term economic resilience — both at home and across borders.
