George Osborne's efforts last week to try and establish London as the Western centre for the trading of the Chinese currency should be congratulated however, some of the headlines seemed to get a little enthusiastic over something which is going to be a far slower burn than a Chinese firework.

I am delighted that we have a politician (about whom I have often been quite critical) highlighting an area of business where we are not only highly experienced and capable but also a global leader. All too often we only seem to recognise these treasures after we have already lost them.

At a time of fashionable City and banker bashing, the critics should shut up and rejoice in our foreign exchange expertise where some 36.7% of global market turnover goes through the UK, with the US running a somewhat distant second. Thus setting out our stall to be the occidental centre of Renminbi trading is certainly a forward thinking move.