October 14, 2013 / 11:18 PM / 6 years ago

UK's Osborne to offer special terms to Chinese banks: FT

Chinese Vice Premier Ma Kai (R) talks with Britain's Chancellor of the Exchequer George Osborne during a meeting at the Diaoyutai Guesthouse in Beijing October 14, 2013. REUTERS/Kota Endo/Pool

(Reuters) - British Finance Minister George Osborne is set to announce on Tuesday special terms that make it easier for Chinese investment banks to expand in the UK, the Financial Times reported.

Osborne, who is on an extended tour of China, will offer to break down regulatory barriers to reinforce London’s position as a global hub for the Chinese currency, the paper said on Monday.

A Treasury spokesman declined to comment.

FT said the British finance minister will offer leading Chinese banks discussions with UK’s Prudential Regulation Authority (PRA) to let them operate UK branches that largely follow Chinese regulations and are subject to light PRA supervision.

UK subsidiaries, by contrast, are treated as local banks - with tight standards on capital cushions, transparency and liquidity buffers, the paper said.

Osborne has been has been trying drum up Chinese investment during his tour and had announced easier visa regulations for Chinese visitors on Monday.

Reporting by Tasim Zahid in Bangalore; Editing by Richard Chang

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