«What has driven this profound rethink on the part of the British is a new and significantly different perception of the national interest. Like other European countries the UK is seriously indebted and therefore short of capital. The new engagement with China offers the prospect of an injection of Chinese investment in its infrastructure, which otherwise it would find very difficult to afford, and the opportunity for City of London to become one of the most important offshore hubs for the renminbi. The latter is perhaps uppermost in the British mind as London vies with New York as the world’s premier financial centre. In the longer run, it would be impossible for London to maintain its position as a great financial centre unless it becomes one of the great centres for the renminbi.»