London to become Chinese offshore banking center

London to become Chinese offshore banking center

Britain has relaxed stringent rules for Chinese banks willing to set up in London. Beijing in turn opened up its markets to British-based investors, marking the latest move to establish the yuan as one of the world’s key currencies.


“A great nation like China should have a global currency,”   said UK Chancellor of the Exchequer, George Osborne, during his   official five day visit to China. And the UK is gladly willing to   contribute “through the international center of finance:   London”.

Under the agreed pilot program, China sanctioned London-based   investors to buy up to 80 billion yuan ($13.1 billion) of stocks,   bonds and money market instruments directly, avoiding Hong Kong   transactions, Reuters reports.

Meanwhile, Britain will let Chinese banks set up wholesale   branches in London, easing regulations the country had imposed   after the financial crisis broke out. Since 2008, Britain has   insisted that most foreign lenders should set up their UK   operations as “subsidiaries” rather than branches, which provides   greater protection for depositors and taxpayers. Less regulation   will be welcomed by Chinese lenders who have always complained   the rules made it hard to operate in Britain, prompting them to   move much of their business to Luxembourg.

Family Sues After Dangerous Flu Vaccine Causes Child to Become Severely Brain Damaged

Family Sues After Dangerous Flu Vaccine Causes Child to Become Severely Brain Damaged

A family in Perth, Australia, is seeking compensation from the pharmaceutical company CSL Limited. Their daughter Saba became severely disabled after she received the flu vaccine Fluvax in 2010. The family is suing CSL Limited for their daughter’s pain, suffering, loss of enjoyment of life, profound disability, medical care and travel expenses, stating that Fluvax caused their daughter to become severely brain-damaged and almost completely blind. Mr. and Mrs. Button say that their daughter received the influenza vaccine on April 19, 2010, and was later rushed to Princess Margaret Hospital, suffering from convulsions. Saba, now four, has been left quadriplegic and almost completely blind, and reports state that, three years later, she is stilling suffering from regular seizures and requires constant medical care. – See more at: