China's first overseas representative office for a clearing house was unveiled in London on Tuesday.

The representative office of Shanghai Clearing House (SHCH), located in London’s financial district, would promote financial interconnection among the EU, China, and Britain, its base in London, and support Chinese enterprises going global.

SHCH, established in 2009, is an interbank clearing house for the settlement and clearing of financial products.

Britain’s government said on Monday it intended to begin the process of leaving the EU on March 29, putting the country on track to complete a withdrawal by early 2019.

Brexit became the undisputed hot topic during the inauguration on Tuesday afternoon.

Sherry Madera, City of London special advisor for Asia, said both China and Britain are countries with high degrees of globalization, and are interested in each other to establish a long-standing cooperation.

The director of SHCH London representative office said although RMB has not been circulated in the global financial market, the world’s second biggest economy still attracts global attention, especially with potential business on free-trade zones.

 

Top managers from more than a dozen global financial institutes, including London Clearing House, London Stock Exchange, Deutsche Börse, and Euroclear Bank, discussed the block chain technology in cross-board cooperation and mutual financial standards.