China is likely to give formal backing to efforts by British banks to establish a yuan offshore trading center in London, the Financial Times reported Thursday, quoting UK government officials.

Chinese Vice Premier Wang Qishan is scheduled to meet U.K. Chancellor of the Exchequer George Osborne in Britain and the officials expect a joint statement from the leaders on the Chinese support for the move.

British banks and financial services institutions increasingly want to trade in the renminbi, seeing this as a rapidly growing market in foreign exchange and bond issuance, FT said quoting Treasury officials.

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