Today’s exchange rate report
As of 11 AM on October 31, 2025, the GBP to RMB exchange rate stood at 1:9.3554, up 0.0043 from the previous trading day’s close of 9.3511 yuan, an increase of approximately 0.0094%. The rate showed a slight premium over the official midpoint, indicating that market demand for sterling in the short term is marginally stronger than the official rate.
Major events this week
UK’s Renters’ Rights Bill comes into force
On October 27, the UK’s Renters’ Rights Bill received Royal Assent and became law, creating a fairer and more stable rental environment for approximately 11 million private tenants in England. The Bill includes 12 key reforms, focusing on rental fairness, living standards and balance of rights.
Regarding tenancy stability, the Bill abolishes the so-called “Section 21” no-fault eviction clause, converting fixed-term tenancies into periodic contracts; tenants may give two months’ notice to terminate, and landlords may only repossess under “Section 8” for clear reasons such as rent arrears or property damage.
On rent regulation, landlords may raise rent no more than once per year and must issue two months’ notice; tenants have the right to challenge unreasonable increases in court, with a new rent set by adjudication.
In the housing standards domain, the “Decent Homes Standard” is extended into the private rented sector, requiring homes to meet the current statutory minimum, have proper maintenance, modern facilities and adequate thermal comfort; landlords are obliged to carry out annual checks. Simultaneously the Bill brings in the “Awaab Case” provisions, clarifying landlords’ duty to rectify structural issues, mould and other hazards within set timeframes.
In the area of fairness and rights protection, the Bill prohibits discrimination against tenants on the basis of welfare receipt or having children, bans bidding wars for rent; tenants may request pets, and landlords must respond in writing within 28 days—unjustified refusal is void.
The Bill also provides for a landlord arbitration scheme, establishment of a PRS (private rented sector) industry database, stronger enforcement by local councils and rent repayment orders, improving dispute resolution and regulation.
On implementation, property lawyer David Smith said: “The future of tenancy will be more transparent and open. Landlords will have clear lawful rights to repossess, and quality tenants can have confidence to stay in one property for the long term.”
Sterling suffers heavy fall, hits two-year low
On October 29, the pound weakened. GBP/USD fell by 0.5% to 1.3209, the lowest since August 1, while EUR/GBP rose 0.34% to 88.10 pence, the highest since May 2023.
Analysts at Goldman Sachs pointed out that the pound’s break below 88 pence key level was due to a technical breakout and the UK’s slowing inflation.
With weak UK economic data and markets reassessing expectations of an easing policy by the Bank of England, sterling may stay under pressure in euro-pairs. Attention now turns to the Bank of England’s November 6 policy meeting.
Notably, many economists predicted a 25 basis point cut in rates at the upcoming meeting, and current market data shows the odds of a cut have risen to 70%. Sterling has also fallen vs. other European currencies and is now at its weakest vs. the Swiss franc and Swedish krona since the 2022 UK “mini-budget crisis”, reflecting global financial volatility.
UCAS data published, UK study applications heating up again
On October 29, UCAS released updated data for the first round of 2026 undergraduate applications, as of October 15. The total number of applicants grew, with numbers from Mainland China and Hong Kong setting near-decade records.
Data show 79,160 students applied this round, up by 5,440 from last year’s 73,720, accounting for roughly 10% of UCAS’s full-year undergraduate application volume. Overseas applicants numbered 24,350, up from 21,830 last year—an increase of 2,520, marking a near-decade peak. UK-home applicants numbered 54,820, up 2,920 from a year ago and close to the 2022 peak.
Among international students, Chinese applicant numbers stood out: Mainland students filed 5,750 applications (up from 4,970 last year), and Hong Kong students 1,540 (up from 1,460). China remains the UK’s principal overseas source of students.
By subject area, medical applications are rebounding: this round 22,390 first-time applicants, 3,380 repeat applicants—ending the downward trend since the 2021 peak.
UCAS Executive Officer Joe Saxton said that applicants across age groups favour medicine, which will support the UK’s medical workforce pipeline.
Chancellor embroiled in property compliance scandal
On October 30, UK media reported Chancellor Rachel Reeves is at the centre of a controversy over personal property compliance: the core issue being that she rented out London property without obtaining required licences in time.
The husband’s emails were reviewed, revealing new information, prompting Reeves to apologise to Prime Minister Keir Starmer for “unintentional compliance lapses”. The matter has been referred to the Prime Minister’s Office and independent ethics advisor for evaluation to determine if rules were breached.
The PM’s spokesperson confirmed trust in Reeves and that the budget will proceed, yet the controversy still adds government pressure. Opposition Tory spokesperson Mel Stride said Reeves’ position “is increasingly untenable” and called for an inquiry. It is reported that this is not the first controversy affecting the Starmer-camp minister: previously Deputy Prime Minister Angela Rayner resigned due to property-tax compliance issues. Given the current juncture of potential campaign promise adjustments and tax policy changes, this episode adds further uncertainty to the already complex budget political contest.
Prince Andrew formally stripped of title and royal residence
On October 30, Buckingham Palace announced that King Charles III had initiated formal procedures to strip his brother, Prince Andrew, of his style, titles and honours, and has instructed him to vacate his royal residence.
The Palace said yesterday: “Although Prince Andrew continues to deny the allegations against him, these sanctions are deemed necessary. The King and Queen wish to make clear that their thoughts and deep sympathy remain with all victims and survivors of every form of abuse.”
From now on, Prince Andrew is no longer “Duke of York” or “His Royal Highness”; he will vacate the Royal Lodge at Windsor and seek a private residence. Notably the action is taken by the King under royal prerogative with no parliamentary involvement required.
Insiders say relevant departments have been consulted. The government has stated the King’s action is constitutionally appropriate and government supports the decision.
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