The continuing internationalization of the renminbi through London is highly likely to be an area of mutual interests and cooperation between China and the United Kingdom, said Neil Forbes Davidson, spokesperson for the Treasury of the shadow cabinet of the UK Labour Party.

Davidson, who is also a member of the House of Lords, said it is clear that money managers and investors have been diversifying their portfolios toward the renminbi worldwide.

The development toward a multipolar world inevitably reduces the dominant position of the US dollar, he said while addressing the Forum on Commemorating the 50th Anniversary of Government-Sponsored Chinese Students in the UK via video on Friday.

With that happening, to remain a global financial center, London must continue to accommodate the renminbi, Davidson said, adding that any prudent UK government must recognize the mutual interest in a good China-UK relationship.