UK rules holding back China banks

To fulfil its ambition of becoming an offshore yuan trading centre, London would need to wait for the Bank of England to relax the rules for allowing more mainland banks to set up branches, said mainland bankers.

Apart from Bank of China, which has had a branch in London since 1929 for historical reasons, other mainland lenders operating in Britain are only allowed to set up subsidiary operations.

Their business volume is restricted as a subsidiary is not allowed to lend beyond its capital, which is capped.

via Business feed http://www.scmp.com/business/banking-finance/article/1095827/uk-rules-holding-back-china-banks