The announcement by Ma Kai, Chinese vice-premier, came after a morning of talks on UK-China economic co-operation.

While the People’s Bank of China will issue a renminbi-denominated note in London in the near future as part of its liquidity operations, there are not yet plans for Beijing to issue long-term sovereign bonds in the City.

Last year the UK issued its own renminbi bond, an event hailed by Mr Osborne as a breakthrough. The two countries also agreed to a feasibility study on a stock market link between Shanghai and London.

The chancellor said he wanted the UK “to be the natural western hub for renminbi trading” and “China’s bridge into western financial markets”.

Separately, Mr Osborne confirmed plans for further UK-China nuclear co-operation, including a joint research centre.

Amber Rudd, energy secretary, told the Financial Times on Sunday that China could use its own reactor design in the UK, subject to safety approval.

Mr Osborne also announced two new joint space research programmes, in a further illustration of the growing trust between London and Beijing.

 

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