Central to this week's commitments was an agreement announced with the China Development Bank Corporation (CDB) to support its expansion in the UK, signed in the presence of David Cameron and Premier Li. The "trilliondollar bank" is owned by the government of the People's Republic of China and is primarily responsible for funding large-scale infrastructure, social development and international cooperation projects. The agreement, led by TheCityUK's Chairman Sir Gerry Grimstone, supports CDB's plans to expand its financing and lending activity in the UK, particularly in infrastructure-related investment and areas such as renminbi (RMB) trading.

     This is a huge vote of confidence in the UK from a rising economic superpower. The President of CDB, Mr Zheng Zhijie, emphasised the importance of CDB expanding its operations in the UK, given London's position as one of the world's leading financial centres. This further enhances the credibility and importance of the UK as the focal point for facilitation of world trade. It also serves to underline the future importance of the UK's position within the EU; the CDB says it sees London as the "gateway to Europe".

     This agreement embodies the "big step forward" in economic ties between the UK and China, recently discussed by Chancellor George Osborne in his Mansion House speech. The CDB will be opening an office in London, which will facilitate Chinese investment around the UK, and is also looking to bring RMB bonds and Chinese debt to issue through the UK markets. As Sir Gerry said, this represents a significant milestone on the route towards ensuring that the UK continues to be one of the major hubs for all RMB-denominated business.

    The emergence of the RMB as a global currency is a real opportunity for the UK, and in particular forLondon. Global use of the RMB for trade settlement continues to rise steadily; it is now considered to have overtaken the euro to become second-most used trade finance currency. London's unique blend of expertise and its position as the gateway to Europe means it can make an important contribution to the internationalisation of the RMB.

    These are exciting times. The agreements signed this week provide a major opportunity for China and the UK to develop further cross-border business. Ties between the two countries are already substantial. TheUK's financial services exports to China totalled £298m in 2012, while financial services imports from China totalled £165m. With ongoing cooperation, the predicted growth of the Chinese economy, and a British economy experiencing its strongest growth since before the financial crisis, I think we could see these figures rocket over the next ten years.

    The prospects for UK infrastructure are also buoyed by this agreement. As the UK emerges from the economic slowdown and moves into a period of growth, there is considerable demand to upgrade existing infrastructure and invest in new projects. Sources of finance for these projects are becoming more diverse and more global and securing a commitment from a major Chinese institution only highlights the UK's continued attractiveness as a destination for investment.

    The commitments made over the last few days are just the beginning of a programme of work which will present massive opportunities to bring billions of pounds of inward investment into the UK. To give just one example, TheCityUK hopes to host a China Asset Management Summit in London in September, which will bring together leaders of the Chinese asset management sector with their peers in the UK. The business these meetings of minds facilitate will create jobs and growth, cement our status as an international financial centre and provide the environment our businesses need to flourish and compete in the global economy.