LONDON -- The City of London wants to establish itself as the pre-eminent location for new Asian markets like the Chinese RMB in the West.
It is also setting its sights on a European-wide free trade deal with major world trading nations such as China.
These were two of the aims and aspirations raised by Britain's Chancellor of the Exchequer George Osborne in his keynote Mansion House speech Wednesday to captains of industry and finance.
Most commentators focused on the impact of Osborne's domestic plans, balancing the books, tackling debt, controlling the banking industry, and the prospect of fraudsters in the banking world facing 10 years in jail.
Osborne's eagerly awaited speech also zoomed in on his views about the European Union, world trade, and the future of the City of London.
Looking ahead, Osborne said that in five years' time he wanted to see the City of London remaining "the world's leading international financial market, holding our existing pole position in trading foreign exchange and derivatives."
"But we will have further established ourselves as the pre-eminent Western location for new Asian markets like the Chinese RMB, Rupees and Islamic finance."
"The city will not just lead in financial markets, it will be the leading center for insurance and reinsurance, for asset and wealth management, for shipping, and for other professional services. I want Britain to be the best place for European and global bank headquarters."
Turning to current discussions of a British referendum on continued EU membership, Osborne said Britain joined for overwhelmingly economic reasons, to open the country's economy.
"Now it is economic challenges causing our country to consider the merits of that membership," said the chancellor, describing one of the challenges as the way the EU "seems intent on pricing Europe out of the world economy."
He said: "Britain benefits enormously from the single market in financial services, and the City of London thrives as the global center of European finance - London trades twice as many euros every day as the whole eurozoneput together."
However, Osborne called the European Union's imposed legislation "ill-designed and misguided" and one of the greatest threats to the country's international competitiveness.
"A central demand in our renegotiation is that Europe stops costly and damaging regulation, and instead rediscovers its economic ambitions that once made this the most dynamic and prosperous part of the world."
He called for completing the single market in digital and professional services, and free trade deals with the United States, India, Japanand China.
"I believe it is within Britain's reach to become the most prosperous of all the world's major economies in the coming generation - and for that prosperity to be shared widely across our one nation."
