The head of Asia Pacific at asset management trade association ICI Global has urged London to do more to cement itself as a key offshore renminbi trading hub, as global financial centres scramble to profit from the liberalisation of the Chinese currency.

The UK Government has signed a number of deals with the Chinese authorities to try to secure London's position. However, Qiumei Yang, who spent a decade at the Chinese Securities Regulatory Commission and is now CEO of Asia Pacific for ICI Global, says that the UK capital still risks being left behind by its Asian rivals. "More should be done in terms of co-ordination and facilitating business development," she said.