China's rapid growth had provided opportunities that Europe should seize as it struggled to emerge from the sovereign debt crisis. Britain's merchandise exports to China rose 20 percent in 2010, a measure of the importance of Asia to Britain's long-term economic growth, said Osborne, who is visiting Hong Kong, Beijing and Tokyo to strengthen business ties, especially in financial services, infrastructure and innovation.
The HKMA plans to extend the operating hours of the yuan real-time settlement system to 15 hours by the end of June, to accommodate London and other European markets to settle offshore yuan payments.
China and Britain aim to increase annual bilateral trade to $100 billion from the current level of $50 billion to $60 billion.
Daniel Chan, chief economist at BWC Capital Markets, said "The move is necessary, given China's growing investment in the UK and the wider eurozone, as well as its increasing trade with the region."
Kevin Lai, an analyst, said that internationalization of the yuan will require more than one offshore yuan business center.
"The lack of a natural funding pool could undermine efforts to establish London as a new hub for the offshore yuan business," he said.
Hong Kong's yuan liquidity pool, which grew significantly over the past two years, meant that it was well-placed to help with the development of the offshore yuan market in London, Chan said.
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