China-UK Financial Working Group First Meeting: Support the development of more RMB-denominated financial products by Chinese financial institutions in the UK

Recently, the China-UK Financial Working Group held its first meeting in Beijing. The meeting was jointly hosted by Pan Gongsheng, Governor of the People’s Bank of China, and Lucy Rigby, Economic Secretary of the UK Treasury. Senior representatives from the People’s Bank of China, the Ministry of Finance, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, as well as from the UK Treasury, the Bank of England, the Prudential Regulation Authority, and the Financial Conduct Authority attended the meeting.

The China-UK Financial Working Group was established in May 2025 with the aim of providing an institutionalized platform for regular communication and coordination in the field of financial policy between the two countries, and to promote substantive cooperation outcomes. The convening of the first meeting of the working group is one of the recent significant achievements in high-level exchanges between China and the UK. The relevant information and outcomes of the meeting will be reported to the lead parties of the China-UK Economic and Financial Dialogue.

At the meeting, financial regulatory departments of both sides exchanged in-depth views on topics including the global macroeconomic situation and financial stability, financial regulation, development and connectivity of financial markets, anti-money laundering, and cooperation against counterfeiting, reaching several pragmatic cooperation results. Both sides agreed that the China-UK Financial Working Group will play a positive role in promoting exchanges between financial authorities, advancing financial market development and innovation, and maintaining financial stability in both countries.

As a supporting activity of the China-UK Financial Working Group, a roundtable discussion was held with financial institutions. Pan Gongsheng and Lucy Rigby attended and delivered speeches, with Xuanchang Neng, Vice Governor of the People’s Bank of China, presiding over the meeting. Deputy Minister of Finance Liao Min, Deputy Director of the State Administration of Financial Supervision and Administration Fu Wanjun, Vice Chairman of the China Securities Regulatory Commission Li Ming, Deputy Director of the State Administration of Foreign Exchange Xu Zhibin, and Vice Governor of the Bank of England and Director of the Prudential Regulation Authority Woods, Chair of the UK Financial Conduct Authority Odarli, and Director General of International Affairs at the UK Treasury White attended the meeting. The financial regulatory departments of both sides listened to suggestions and demands from major financial institutions of both countries regarding market development, cooperation opportunities, and innovation in the financial sector, and responded accordingly. Key representatives from financial institutions including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, China People’s Insurance Group, HSBC, Standard Chartered, Aberdeen Group, Prudential Group, Schroders, London Stock Exchange Group, and the City of London participated in the meeting.

Below is the full text of the “China-UK Financial Working Group First Meeting Consensus Document” in the attachment:

China-UK Financial Working Group First Meeting Consensus Document

On January 31, 2026, the first meeting of the China-UK Financial Working Group was held in Beijing. The meeting was jointly hosted by Pan Gongsheng, Governor of the People’s Bank of China, and Lucy Rigby, Economic Secretary of the UK Treasury. Senior representatives from the People’s Bank of China, the Ministry of Finance, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, as well as from the UK Treasury, the Bank of England, the Prudential Regulation Authority, and the Financial Conduct Authority attended the meeting.

The first meeting of the China-UK Financial Working Group was an important achievement during UK Prime Minister Stamer’s visit to China from January 28 to 31, 2026. The working group provides an institutionalized platform for China-UK financial policy exchanges. The relevant information and outcomes of the meeting will be reported to the lead persons of the China-UK Economic and Financial Dialogue.

During the meeting, the financial regulatory departments of both sides exchanged in-depth views on the global macroeconomic situation and financial stability, financial regulation, market development, and financial innovation including sustainable finance, and reached a series of specific consensus.

Both sides will promote the signing of a Memorandum of Understanding on central counterparty supervision cooperation between the People’s Bank of China and the Bank of England, and will continue to carry out necessary cooperation to support mutual recognition of central counterparty supervision equivalence.

The two sides exchanged views on the importance of global financial stability, emphasizing the role of improving crisis management and resolution frameworks and close cooperation between financial regulatory departments of both countries. To strengthen information sharing and coordination during periods of market stress and enhance the resilience of the financial system, the People’s Bank of China and the UK Treasury agreed to strengthen cooperation in crisis management and recovery and resolution frameworks.

Both sides recognize the importance of combating counterfeiting, believing that effective bilateral cooperation is crucial in addressing the harms caused by counterfeit currency. Both sides acknowledge that a sound legal framework and efficient, convenient mechanisms for sharing counterfeit currency information are vital to curbing the production and cross-border circulation of counterfeit currency and anti-counterfeiting materials.

Both sides reaffirm their commitment to implementing the standards of the Financial Action Task Force (FATF). Facing challenges from cross-border crimes such as fraud, both sides agree to further strengthen international cooperation in combating money laundering and related crimes.

Both sides reaffirm that capital markets play an important role in promoting real economic growth. The Chinese side notes recent reforms by the UK regarding listing systems (including for multinational companies). Both sides encourage eligible enterprises to list and raise funds in each other’s markets through the China-UK Stock Connect and other channels, thereby connecting with global diversified investors and institutional funds, and providing capital support for global business development. Both sides welcome HSBC’s approval to conduct government bond futures trading at the China Financial Futures Exchange.

Both sides recognize London’s position as a leading global foreign exchange trading center and an important offshore RMB hub. London is one of the largest, most vibrant, and most innovative offshore RMB markets. The Chinese side supports the development of more RMB-denominated financial products by Chinese financial institutions in the UK. Both sides welcome Bank of China’s London branch becoming the UK’s second RMB clearing bank.

Both sides reaffirm their commitment to exploring market connectivity in wealth management and pension sectors. The two sides discussed the feasibility of the China-UK Wealth Connect to promote two-way investment flows, guide long-term capital, and achieve long-term stable returns for investors.

Both sides welcome progress made in China-UK green finance cooperation. Both sides recognize that financial markets can play an important role in addressing biodiversity loss and protecting rich natural ecosystems. The two sides agree to strengthen knowledge sharing and capacity building in sustainable finance, including transition finance and nature-related financing frameworks.

During the China-UK Financial Working Group meeting, a roundtable with financial institutions was also held to discuss market development, cooperation opportunities, and innovation in the financial sector.

Both sides unanimously support positioning the China-UK Financial Working Group as an important dialogue mechanism for technical regulatory exchanges, financial market development and innovation, and financial stability and resilience, and look forward to the group holding regular meetings.

Source: People’s Bank of China

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