{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='UK chancellor on threats to world economy and yuan trade deal' data-url='/boclips/videos/5c54bc99d8eafeecae12ddf5' data-video-url='/boclips/videos/5c54bc99d8eafeecae12ddf5' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nUK chancellor on threats to world economy and yuan trade deal\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. George Osborne, Chancellor of the Exchequer of the United Kingdom walking to the podium at the Asian Financial Forum2. Various of audience members3. Wide of Osborne4. SOUNDBITE (English) George Osborne, Britain's Chancellor of the...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. George Osborne, Chancellor of the Exchequer of the United Kingdom walking to the podium at the Asian Financial Forum\u003cbr/\u003e2. Various of audience members\u003cbr/\u003e3. Wide of Osborne\u003cbr/\u003e4. SOUNDBITE (English) George Osborne, Britain's Chancellor of the Exchequer:\u003cbr/\u003e\"The risks faced by the global economy have increased significantly over the past year. The capacity of the IMF may also need to rise to ensure those risks can be addressed, but this cannot be a substitute for action by the eurozone. Britain stands ready to play its part. And we must also ensure that global capital markets are underpinned by global rules for financial regulation enforced by strong global institutions. \"\u003cbr/\u003e5. Various cutaways of reporter taking notes\u003cbr/\u003e6. Wide of Osborne at podium\u003cbr/\u003e7. SOUNDBITE (English) George Osborne, Britain's Chancellor of the Exchequer:\u003cbr/\u003e\"It reflects London's strength in product development, its regulatory structure and the depth, breadth and international reach of our financial markets. We are by some distance the world's largest foreign exchange market, and the growing use of RMB in these global markets will bring substantial benefit to Chinese economic development and the wider world economy. It is a reflection of China's increase in influence and share of global GDP, and its a step towards greater capital convertibility.\"\u003cbr/\u003e8. Wide of Donald Tsang, Chief Executive of Hong Kong, speaking at podium\u003cbr/\u003e9. Close of audience member\u003cbr/\u003e10. SOUNDBITE (English) Donald Tsang, Chief Executive of Hong Kong\u003cbr/\u003e\"We will closely monitor the developments in Europe and the US as these will inevitably impact on our region. In the meantime, we are seeking ways to reduce our exposure to turbulence in the global environment. One way to achieve this, is to develop Asia's domestic markets. This would ease the heavy dependence on exports to the West, and nurture new sources of growth.\"\u003cbr/\u003e11. Cutaway of audience\u003cbr/\u003e12. Wide pan of the forum\u003cbr/\u003eBritish and Hong Kong leaders said on Monday that they would team up to develop London into an international trading centre for China's currency.\u003cbr/\u003eBritish Treasury chief George Osborne said in Hong Kong that his trip to Asia this week furthers dialogue with Chinese authorities and Chinese and British banks \"on establishing London as a new hub for the renminbi market as a complement to Hong Kong.\"\u003cbr/\u003e\"We are by some distance the world's largest foreign exchange market, and the growing use of RMB in those global markets will bring substantial benefit to Chinese economic development and the wider world economy,\" said Osborne, speaking at the fifth Asian Financial Forum which opened Monday in Hong Kong.\u003cbr/\u003eHe also said he welcomed the decision made by Hong Kong's government to extend the operating hours of its RMB settlement system, of which London is the key beneficiary.\u003cbr/\u003eThe object was to expand the volume of bilateral business and trade, Osborne added.\u003cbr/\u003eHong Kong's leader, Chief Executive Donald Tsang said a new private sector-led group will be set up to look at strengthening ties between Hong Kong and London in terms of settlement systems, market liquidity and the development of renminbi financial products.\u003cbr/\u003eBoth Osborne and  Tsang expressed concerns over the new developments in the European debt crisis.\u003cbr/\u003eAsian stocks sank Monday after a ratings downgrade rattled Europe and crucial talks aimed at nudging Greece toward solvency were mired in disagreement.\u003cbr/\u003e\"We will closely monitor the developments in Europe and the US as these will inevitably impact on our region. In the meantime, we are seeking ways to reduce our exposure to turbulence in the global environment,\" said Tsang. \u003cbr/\u003eHe added that one of the ways to establish greater security was to develop Asia's domestic markets.\u003cbr/\u003e\"This would ease the heavy dependence on exports to the West, and nurture new sources of growth,\" he said.\u003cbr/\u003eBeijing is promoting the international use of the renminbi, also known as the yuan. \u003cbr/\u003eIt's also promoting Hong Kong, a semiautonomous Chinese territory with its own financial system and currency, as an offshore trading centre for the yuan.\u003cbr/\u003eLast year, yuan-denominated bank deposits in Hong Kong doubled to 630 (b) billion renminbi (100 billion US dollars) as savers sought higher returns from the yuan, which has been strengthening 4-5 percent a year.\u003cbr/\u003eBeijing would like to see the currency become an alternative to the dollar, although tight capital controls limit its circulation overseas.\u003cbr/\u003eDuring his address at the financial forum, Osborne said that in June 2011, China's share of world trade was 11 percent but\u003cbr/\u003ethe yuan's share of global foreign exchange trading last year was only 0.9 percent.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator 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