RQFII program 'turning point' for China, Britain

He said he welcomes the decision by UK regulators to begin discussions on enabling Chinese banks to open branches in the city, a move that was announced during Osborne's China visit.

After the 2008 financial crisis, British regulations made it harder for some foreign banks to set up branches in the country. With the exception of Bank of China, Chinese banks currently have only subsidiaries or representative offices in London.

"So I welcome the decision by the Prudential Regulatory Authority to begin discussions with Chinese banks in London to enable them to apply to establish wholesale branches ...which will allow them to scale up their activities" in Britain, Javid said.

The UK's attempt to become an offshore yuan center began in 2011, when Osborne and China's then-vice-premier Wang Qishan welcomed private sector initiatives for the development of an offshore yuan market in London.

Since then, London's financial players have worked on developing new yuan products, to encourage more yuan transactions for both trade and investment purposes in the city.

According to data from the City of London, by the end of 2012, London's volume of import and export financing in the renminbi rose by 100 percent to 33.6 billion yuan, compared with the same period in 2011.

London also saw two renminbi bonds issued in 2012, and earlier this year, the UK became the first G7 country to sign a renminbi swap agreement with China.

Javid said the UK is eager to engage in the new opportunities offered by renminbi trading and investment.

He said the eastward shift of economic growth globally is not a change the UK is afraid of. In fact, it provides "tremendous opportunities for the UK economy", and "we are doing all that we can to benefit from them".